16 May 2022 13:03
Don't mean to put a downer on it but that's in breach of your mortgage terms (heavily FCA regulated)… If your tenant wanted to be a dick for whatever reason or someone else did - an ex or other, its a sure-fire way to have your credit record fucked for a long period of time and suffer some financial penalties from your lender + penalties… Messy just swap it imo
posted 16 May 2022 13:51, edited 16 May 2022 13:51
BTL mortgage usually requires minimum 25% equity, so if you don’t have they already you’d have to lump in more.
Know someone who was in the same situation, spoke to the bank and told them they couldn’t afford the mortgage anymore due to losing their job, so asked if they could rent it out to cover the mortgage.
Bank obliged and switched it with no extra equity required.
This was pre-pandemic though so not sure what’s changed since.
16 May 2022 14:37
Thanks guys for the responses but specifically just looking into the ‘non resident’ part. I’m considering doing what you suggested Toasted tbh. Doubt anyone would find out and not bothered about my credit score etc in UK as won’t live there again ( maybe )