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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

If you are on a fixed or tracker rate

We’ll add 0.5% 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).

The additional 0.5% added to your rate will end once your fixed rate product ends and you revert to our Standard Mortgage Rate or Base Mortgage Rate.

If you are on our Standard Mortgage Rate (SMR) or Base Mortgage Rate (BMR)

You will not be charged an additional 0.5% to your rate when you let your property.

If you're a member of the British Armed Forces

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.

Note:

If you have one of our Lifetime or retirement mortgages for over 55s and want to let your property, please call us on 0345 609 25 30 (Monday to Friday, 8am to 8pm. Saturday 9am to 5pm. Closed Sundays and bank holidays.)

Information:

You should also talk to your insurance provider to find out if letting your property will affect your home insurance policy.

Information:

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 make 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 (opens in a new window).

No information on this site should be taken as tax advice. For advice you should consult with an independent tax adviser.

How to get permission to let

To get permission, you’ll need to fill in and send us two forms:

  • permission to let form
  • Execution Only disclosure

  1. Get the permission to let and Execution Only Disclosure forms by:

  2. Fill in both forms

    Fill in the permission to let and Execution Only Disclosure forms.

  3. Post them to us

    Post your completed forms to:
    Mortgage Servicing - Lettings
    Nationwide Building Society
    Kings Park Road
    Moulton Park
    Northampton
    NN3 6NW

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.

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