Consent to let mortgage
I have a question I was wondering if anyone can help. I am renting out my one and only property as I have just been made redundant. I am currently on a standard variable mortgage at 2.99%. My mortgage holder, Cheltenham and Gloucester, tells me if I change to a Consent to Let mortgage my rates will to up to between 5.49% and 5.79%. This will mean I make a loss of £100 on the rental value of the house per month. What do I do? Do I have to tell my mortgage holder. I have never missed a payment in seven years. What would you do?
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