Mortgage terms and management companies

Mortgage terms

You should check the provisions of your mortgage. Residential mortgages generally prohibit sub-letting without the lender’s consent. You should therefore obtain consent. Depending on your mortgage terms, this change of mortgage term could result in an increased mortgage rate, a penalty payment or even an urgent repayment demand. Many buy-to-let mortgages also prohibit short-term letting.
Also check your lease or title deeds for any restrictions on sub-letting.

Management Company

There may be management company restrictions on letting or, commonly, there may be a covenant restricting you from using the property for any use ‘other than as a private residence’. You should therefore check all of the terms and conditions with your management company.

Updated: 24/08/20
This information is provided as a guide and is not designed to be definitive. Each business has its own requirements, depending on the type of accommodation.

For precise or detailed information, or on the legal implications for you in particular, you should consult your Mortgage Provider and/or Management Company