Home Insurance Buy To Let Property
home insurance buy to let property
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Can I rent my first home bought with First Time Buyer mortgage ?
I have bought my first home in South West Engalnd 1 month ago. I took “First Time Buyer” mortgage from HSBC. But unfortunately, my company suddenly asked me to work in East England for 1 or 2 years on an assignment. So till I complete the assignment, I would like to rent my property. I think I have to inform the bank to get permission. Do they charge Buy To Let rates in general ? As this is my first home, can the bank still consider me as First Time buyer only ? Will they cancel my mortgage ? It seems BTL interest rates are very high. I think I also have to change my home insurance policy. Is that correct ?
Read the contract but it should be fine.
Things will only go sour when you stop paying your mortgage lender.
Regarding the insurance. Yes you will need to inform your insurer.
(you become a landlord)
http://www.financecomparator.co.uk/business_insurance.html
All the best.