Will I have to change my mortgage if I take in a lodger? | Money | guardian.co.uk
Q I am a first-time owner-occupier of a flat. When my mortgage deal finishes next year I can make unlimited overpayments. I would like to use this opportunity to pay off the mortgage as quickly as possible by letting out part of the property. I will still be living in the flat, just sharing with a tenant. But will this mean I have to switch to a buy-to-let mortgage?
The terms and conditions on my mortgage agreement do not state how partially letting the property affects my terms; it just says I need to request permission to let my flat and that there will be a 1.5% increase on my current interest rate, bringing it to 5%.
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