mortgage

[matron 22]

Daughter and partner have decided to split but they have a joint mortgage.
Have only recently bought house !
Can they legally rent house to use rent money to help with the mortgage
or would they be better trying to sell
Any advice welcome

[factor-fiction]

They'd need to look at their mortgage agreement.

[boxtops]

They'd need to check with their mortgage provider, some mortgages wouldnt permit that.

[sandyRoe]

The mortgage lender might want to treat it as a buy-to-let one now. Probably at a higher interest rate.

[EDDIE51]

Yes they will need to change to a 'Buy to Let' mortgage and it will cost a lot more.

[Peter Pedant]

and here in the real world, Manchester
a lot of people just let it

w/o involving the mortgage co who a lot of the time just want the money rolling in and dont really care where it comes from

[tonywiltshire]

It is going to depend upon price paid for property; if they sell will they lose a lot of money? The answer to which is probably.
If they will lose a good deal of money contact their mortgage provider and find out if they see any problem with letting the property and if they can do so on existing mortgage. Establish what the amount of rent will be in the area and if it will cover the mortgage plus the extra to deal with expenses. When they have all the information and not before they are in a position to make a decision.

[jd_1984]

I bought a home with my partner 5 months ago, we opted for a joint mortgage. I seem to remember there was a "Buy to let" option that we dismissed, taking on the mortgage for ourselves only. Obviously you can change the status of your mortgage but it depends on the provider, they may be tied in to the original agreement for several years, in which case they would need to sell or one of them take the property on and "buy" the other one out. Its tricky and I bloody hope never to split with my partner as it will be an expensive and stressfukl ordeal, best of luck!!

[springbulb81]

They can let out the house if they wish which is perfectly ok but must inform the mortgage company they are doing so.