Residential mortgage; can L sub-let without consent?

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  • Residential mortgage; can L sub-let without consent?

    Dear All,
    I let out my property 4 months ago after it failed to sell. I called my bank to inform them that the property was being put on the market as a let and they said I should call when the property is actually let out and from that date I would be given 12 months of grace to stay on my tracker mortgage and then I would have to switch to a BTL. My problem is that my tenant (a reputable company) wants the property for a foreign manager for 2 years and I have no concerns about their ability to pay. The rent payment is double my total repayment mortgage as my interest rate is almost zero so obviously I would prefer to stay put on the tracker as I cannot see any dramatic rise in rates for the next 2 years. Am I better keeping quiet and paying HMRC tax on the whole amount of yearly rental income less expenses (except mortgage interest) or is their a way of calculating the annual interest without alerting the bank. I have read on the forums that you can request an annual statement detailing the interest and repayment portions of your mortgage payments but I am worried that this would "remind" the bank that the house has been let. How can I get round this. I am pretty miffed at having to further enrich a bank which would have gone to the wall if it had not been bailed out by tax payers. Thanks for any advice offered.

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