Q: Hi all

Just how much trouble one can get into a house purchase and if they decide that the property, but have not changed their mortgage on a buy to let mortgage.

thanks

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A:is there a particualr type of buildings insurance required for tennants?

I thought as long as there was buildings and contents insurance like the deals you get when you get a residental mortgage that would be ok?

Are you perhaps referring to the idea that becuase the landlord isnt living there that the tennant may damgae the property and that becuase they are a tennant the damange they cause may not be covered ?

Because the landlord isn't living there you may find that the insurer won't pay out for anything. There are plenty of places that do building insurance for let properties, I use alanboswell.com. Tenants usually insure their own contents and a lot of building insurance for the letting market includes a limited amount of contents eg carpets and white goods.

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A:is there a particualr type of buildings insurance required for tennants?

I thought as long as there was buildings and contents insurance like the deals you get when you get a residental mortgage that would be ok?

Are you perhaps referring to the idea that becuase the landlord isnt living there that the tennant may damgae the property and that becuase they are a tennant the damange they cause may not be covered ?

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A:The lender would only find out if the tenant returned mail addressed to the landlord or if the landlord fell behind with his mortgage payments.

You also risk an upset tenant reporting to the Inland Revenue, but if the mortgage is reasonably high there is likely to be little tax to pay.

Whatever the landlord does or doesn't tell the lender, it is important to get the correct buildings insurance.

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A:what if u didnt ask for permission? would that get in u hot water

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A:All you need to do is ask the lender for permission to rent out the property, ususally they will give you this for a fee.

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A:The amount of 'trouble' is not very much.
Lenders are usually happy to allow owners to let their house out, they sometimes change the interest rate and/or charge a fee.

They do not change it to a buy to let mortgage, just give permission. The longer you've had the mortgage, the easier it is.

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