Letting your property
If you want to let your property, instead of living in the property, you can, but you’ll need to get permission from us first.
Please remember, that once your property is let, you cannot:
- switch your mortgage deal
- take additional borrowing
- complete a term change, add or remove a borrower.
Unless you are a member of the British Armed Forces or have a critical illness.
If you've already started letting your property
You'll need to get permission from us as soon as possible. Your mortgage terms and conditions explain that you need permission from us to let your property before the let starts and any breach on these conditions could lead to further action being taken.
Fees and charges for letting your property
We’ll add 1% to your current interest rate while you’re letting your property. We will give you reasonable notice of any change to the additional letting interest rate and let you know about any amends to the rates by changing our tariff of charges page - PDF 73KB (opens in a new window).
If you're a member of the British Armed Forces and want to let your property we won’t charge the additional letting interest rate. When you request permission to let, we’ll require proof you’re still a serving member. Please remember that you’ll need to let us know if this situation changes.
If you have one of our Lifetime or retirement mortgages for over 55s and want to let your property, please call us on 03457 30 20 10 (Monday to Friday, 8am to 6pm. Saturday 8.30am to 4pm. Closed Sundays and bank holidays.)
You should also talk to your insurance provider to find out if letting your property will affect your home insurance policy.
Paying tax on profit from renting out your property
You must pay tax on any profit you mke from renting out property.
This may mean your rent income moves you into a higher tax band, as your taxable income could increase.
To find out more about paying tax on your rented property, and how to work it out, please visit the UK Government website.
No information on this site should be taken as tax advice. For advice you should consult with an independent tax adviser.
To get permission, you’ll need to:
Get the permission to let form by:
- Downloading it and printing it off yourself. Permission to let form – PDF 655KB (Opens in new window), or
- Ask for the form to be sent to you in the post by calling us on
03457 30 20 10 (Monday to Friday, 8am to 6pm. Saturday 8.30am to 4pm. Closed Sundays and bank holidays.) The form will be posted to you within 5 working days.
Fill in the formFill in the permission to let form.
Post it to usPost your competed form to:
Mortgage Servicing - Lettings
Nationwide Building Society
Kings Park Road
Ending a letting agreement on your property
If you wish to end the letting agreement you will need to write to us at the above address with your new postal address. This is so we can update our records. Your letter must be signed by all borrowers.