This for me is the big question.(posted 9069 days ago)I have a mortgage with a high street bank and have been struggling each month to pay it. I also have two extra rooms in the house that I could rent to people. I remember asking the bank two years ago and they said I couldn't let any part of the house.("it was one of their rules")
I dont want to ask the bank if I can rent out the rooms because if I do ask them, and they say no, and then I subsequently let the rooms out, I am frightend that they will forclose on me.
I have asked some friends of mine what to do and they say why dont you just rent the rooms out. How will the bank find out ? (they say)
I would like to know a- if I ask them if I couldlet the rooms, what would they say ? b- If I dont ask them and then they find out, what will happen ? Can they take my house away? c- do they have teams of people finding out if customers are breaking this rule? d- why is this rule there anyway - surely whatever helps them get their money back is a good thing.
The more people I ask, the more people say that they let rooms out, against the banks rules. Is this then a rule that the banks turn a blind eye to ? or will they pemalise heavily anyone breaking the rule?
What should I do ?
Please could you leave answers on this page so that other people who are in this position too can see the replies.