Strictly speaking, nothing happens. If the property is your home and you want to let it out, you may be able to apply for ‘consent to let’. This is permission from the lender to let your property on a temporary basis. It’s normally granted to ensure your building’s insurance remains valid. If a property is vacant for an extended period, then the insurance can become null and void. The lender may charge to provide consent to let.

Even if you are not living in the property, you remain liable for mortgage payments until the mortgage term ends. If the mortgage is on a fixed deal, the rate will normally revert to the lender’s standard variable rate at the end. This rate tends to be more expensive, so your loan and mortgage payments end up costing you more which is why it’s worth considering your remortgage options.

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