If you need to rent out your property, and everythings good to go except that your lender will not give you consent to let, what can they do if you let it anyway. It would be let through an agent, if that makes any difference. I do know that it would be breaking the mortgage covenant but what does that mean exactly?What can happen if you break your mortgage covenant?
You probably have an Escalator Clause in your Mortgage that allows the lender to raise the interest rate if you rent the property and no longer use it as your primary residence.What can happen if you break your mortgage covenant?
If they find out, they can demand the total amount of the balance due immediately.
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