Your mortgage if you're renting out your property

You must tell your mortgage lender if you're renting out your house. You may also want to switch to a buy-to-let mortgage. Let your mortgage lender know exactly how long you plan to rent out your house, and find out what happens if your plans change (eg if you return earlier or later than you anticipated).

Tax on income from renting out your house
Your rental income is taxed and you need to declare it on a self-assessment tax return. Here's how you do it:
1. Calculate your annual rent (after the agent has taken their share)
2. Subtract your allowable expenses (a 'wear and tear' allowance, which is a percentage of your rent, plus the cost of buying anything new for your house)
3. Fill in your self-assessment tax return by 31 January (or 30 September if you want the Rev to work out your tax bill for you)