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16 August 2012

Renting out home on a short-term basis whilst on a fixed rate

We pay £650 a month on our high interest rate mortgage (around 6.5%) and we have hit financial difficulties. We are considering renting out our house and moving back in with my parents temporarily. We would only receive around £550 a month in rental income, but we could easily afford the difference from the £650 mortgage (as we still have one income and would have to pay little to my parents). We have already had a 3 month mortgage break last year and missed, but then repaid, a couple of monthly mortgage payments the year before. I doubt we have more than around 5% equity. I am worried about telling the lender, Halifax, and being denied 'consent to let'. We would possibly lose the house if that were the case. I have read many people do not tell their mortgage lender and the worst they can do is switch you to a higher rate (and make you pay however much you would have missed on this rate). Although our rate is already high. Can anyone please offer me any advice? Thanks Laura

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