Just like with insurance, you must inform your mortgage provider that you are renting out your property.
Standard residential mortgages are not suitable for a rented property, although your existing lender may grant you permission to rent for a limited period under your existing mortgage.
Failing that, you’ll need to switch to a buy-to-let mortgage, either with your existing lender or a new one.
You can expect to pay an arrangement fee, there may be penalties for ending any existing fixed rate deal early, and your new interest rate may differ from your current rate.
Interest rates on buy-to-let mortgages are often higher than for standard mortgages, as are arrangement fees, while you may be offered a lower loan to value than on a conventional mortgage.
If you are looking to rent out a leasehold property, make sure you check the terms of your lease. Some do not permit subletting.