It is legal to rent a property with no buy-to-let mortgage only if you own the property outright already or are a cash purchaser. However, if you do need a mortgage, then you have to be entirely honest with the lender as to what your intentions are for the property.Click to see full answer. Consequently, what happens if you rent without a buy to let mortgage? Buy to Let mortgages Lenders take into account the likelihood of the property becoming void for a period of time; this is where the property is empty because a suitable tenant can’t be found or a tenant has vacated the property, resulting in a loss of rental income which could threaten mortgage repayments being made.Beside above, do I need to tell my mortgage company if I rent my house? The short answer to this question is no. Failure to inform your lender should you rent out your property will infringe upon the legal conditions of the initial mortgage contract. If you do wish to let to a third party, a ‘consent for lease’ is required which can only be obtained by applying to the mortgage lender. In respect to this, what is the criteria for a buy to let mortgage? The minimum deposit for a buy-to-let mortgage is usually 25% of the property’s value (although it can vary between 20-40%). Most BTL mortgages are interest-only. This means you don’t pay anything each month, but at the end of the mortgage term, you repay the original loan in full.Can I live in my buy to let?Mortgage regulation works both ways. Just as you can’t usually live in a mortgaged buy-to-let property, you can’t rent out a mortgaged residential property. You will need to either remortgage to a buy-to-let loan, or have consent to let from your residential lender. A buy-to-let remortgage is your other option.