Mortgage and Insurance

Mortgage

If your property has a mortgage, you should tell your mortgage lender about your plans to rent your property out. Some lenders have restrictions on who you can rent to.

Some mortgages may have terms and conditions that stop you from renting your home out to anyone, so if you do this without consulting them you might break your contract and get into serious trouble.

Insurers

When you rent your home out to other people it may have an impact on your existing buildings and contents insurance.

You should discuss the situation with your insurers and let them know you plan to have tenants move into your home.

They may be able to give you advice about what steps you should take regarding:

•      buildings insurance
•      contents insurance
•      property owners liability

It is always advisable to seek your own independent financial and legal advice for mortgage and insurance matters and other financial implications of being a landlord such as tax etc.

Moray Council has also produced a useful page  about Mortgage arrears and the Homeowners Support Fund.

Some useful information about these and other financial matters has been provided by Money Advice Service