Can I Let Out My Property? 5 Important Things to Know.
Whether you are moving for work, upsizing to a family home or looking to turn your current property into a rental investment, one key question often comes up can I let out my property? It might seem straightforward, but letting out your home involves several important steps, rules and permissions.
In this blog, we will explore the five most important things you need to know if you are asking yourself can I let out my property, especially if you still have a residential mortgage. With the right advice and planning, it can be a smart and financially rewarding move.
1. Can I let out my property? – You May Need Consent From Your Mortgage Lender
If you currently have a residential mortgage and want to let your property to tenants, you will likely need permission from your lender. This is known as consent to let. Without it, you could be in breach of your mortgage terms which may lead to penalties or even legal action.
Lenders are often open to giving consent to let, especially if you are only planning to rent out the property for a short time. However, they may charge a fee or adjust your interest rate. If you are planning to rent it out long term, you may need to switch to a buy to let mortgage.
If you are unsure where to start, Complete Mortgage Advice can help you contact your lender and understand your options. We can also help arrange a more suitable mortgage if required.
2. You Will Need the Right Mortgage Type
Many people do not realise that letting out a property with a standard residential mortgage may not be allowed under the terms of their agreement. If your plans change and you decide to rent it out permanently, switching to a buy to let mortgage is usually the best route.
Buy to let mortgages are designed for landlords and come with different lending criteria. For example, they are usually interest only, and the amount you can borrow is based on the expected rental income rather than your salary.
So when you are thinking can I let out my property, it is vital to also ask do I have the right mortgage? This is where Complete Mortgage Advice can guide you through the process and find a product that matches your new goals.
3. You Must Follow Legal Requirements
Letting out a property in the UK involves a number of legal obligations. These include:
- Placing the tenant’s deposit in a government approved scheme
- Carrying out annual gas safety checks
- Providing an Energy Performance Certificate
- Ensuring the property is safe and fit for tenants to live in
You will also need to check whether you need a landlord licence depending on the property type and local authority rules. Ignoring these responsibilities could result in fines or legal trouble.
Before moving forward, speak to a lettings expert or ask your mortgage adviser for trusted contacts.
4. You Will Become a Landlord
When you let out a property, you are not just a homeowner anymore you become a landlord. This comes with extra duties, such as responding to repair requests, managing rent payments and staying up to date with housing regulations.
Some people manage their property themselves, while others use a letting agent. Either way, it is important to prepare for the added responsibility. If you are asking can I let out my property, you should also ask am I ready to take on the role of a landlord?
5. The Right Advice Can Make a Big Difference
The question can I let out my property is more complex than it might first seem. There are financial, legal and practical considerations that can affect your decision. The good news is that you do not have to figure it out on your own.
At Complete Mortgage Advice, we specialise in helping people understand their options when their plans change. Whether you need consent to let, a new mortgage or advice about how becoming a landlord could affect your finances, we are here to guide you.
We work with a wide range of lenders and understand the criteria that apply to letting out your property. With our support, you can make a confident and informed choice that works for you now and in the future.
Can I let out my property? – Final Thoughts
So, can I let out my property? The answer depends on your mortgage type, your plans and your readiness to take on the role of landlord. With the right steps and the right advice, letting out your property can be a great way to make your home work for you.
If you are considering this move and want clear, expert support, get in touch with Complete Mortgage Advice today. We are here to help you every step of the way.
Tom Boulden
Mortgage Broker
📞 01752 905011
📧 info@completemortgageadvice.co.uk
🌐 www.completemortgageadvice.co.uk
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
