Can I rent out my right to buy flat?
Q: When my current mortgage deal runs out in 16 months, I was thinking of getting a buy to rent mortgage so I could rent my flat out for a year while I go abroad to work. However, I don't want to do anything outside the law/rules or lose any discount. How should I go about this?
You should check with your landlord, which is likely to be your local authority but possibly a housing association, to ensure that letting the property would not see you breach their terms.
Assuming that they are comfortable with you letting the property whilst you are abroad then it would make sense to consult with the existing lender to see if they may be able to grant consent to let. There is no guarantee that lenders will and they can insist on a switch to an alternative product or a loading of the interest rate.
Even so that could be a good option to have, as the alternative of switching to a Buy to Let mortgage may not be straightforward. Buy to Let lenders can consider ex local authority property but the fact that it remains within the 5 year pre-emption period will certainly limit the options.
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