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 ?

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4 Responses to Can I rent my first home bought with First Time Buyer mortgage ?

  1. smills0205 says:

    go back and read your mortgage contract, if there are limitations, they will be in it

  2. rshampshire says:

    You’ll need to thoroughly read the legal documents you received when you entered into your mortgage.

    While I am sure your story is genuine your bank may well look at this and think you are trying it on and this was already planned, effectively so you could get the cheaper FTB rate as opposed to the BTL.

    If you do decide to let the property I’d strongly advise to use a letting agency to handle the property for you. You will receive less in rental but they should handle all the headaches for you and will be able to reach a larger audience. One of my neighbours let his property privately and has just had to evict the tenants, it’s now going to cost him up to £5000 to put the property back into livable state.

  3. tomas says:

    as long as they get there money every month, they could’t care less. i know for a fact, don’t worry pal.

  4. ALPHF says:

    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.