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  • Writer's pictureAga - Mortgage Broker

Homes for Ukraine vs mortgage terms

If you have signed up for Homes For Ukraine scheme and your house is on mortgage, you need to read this

Did you know that generally, if you have a residential mortgage and you plan to take on a lodger, you should check what your lender thinks about it, and your home insurance provider should be notified about this too? Some lenders don't mind, and some will not accept lodgers in the property.

If you want to let the whole property that is on a residential mortgage, you need to get a consent to let first as again, there may be restrictions. Alternatively you might need a buy to let mortgage.

Recently, many people signed up for the Homes for Ukraine scheme , offering rooms or even whole properties to the refugees.

Some lenders have already announced their stance on this matter and from what we have seen lenders have turned out very supportive but they have conditions that need to be met. It is recommended to check with your lender if you wish to become a sponsor under the Homes For Ukraine Scheme.

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