Lenders look to clamp down on 'accidental landlords'
A report in The Daily Telegraph has highlighted that more mortgage lenders are looking to clamp down on "accidental landlords" who let their properties without permission from their lender.
If a homeowner would like to let out their property, the vast majority of mortgage lenders expect to be notified and some may even increase the rate. Letting a residential property without permission tends to be a breach of the lenders terms and conditions.
The Daily Telegraph's report highlights the tactics lenders' are using to find properties being let out. It also suggests that they are actively searching through websites such as rightmove.co.uk to catch borrowers breaking the rules.
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November 8, 2013
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