As a mortgagee it will be a requirement of your mortgage that you seek the mortgagor’s consent before letting or renting all or part of the property. Most mortgagors take a very sensible approach to this. You have to bear in mind that if you are looking to let the whole of the property you may be required to switch to an alternative mortgage package with your lender but that is very unlikely. In most situations the mortgagor will grant consent where you can show that you have taken references for the tenant and that you put in place a suitable tenancy agreement. Ideally the tenancy agreement that you use should be drawn up by a solicitor so that you can be certain that it covers everything properly.
However, given the current economic climate we understand that many individuals looking to rent their property will look to save legal costs wherever possible. There are some good providers of tenancy agreements online such as the one we link to here. Have a good look around the internet. Try searching terms such as “tenancy agreements” or “tenancy agreement download” which is what we typed in to find that site and you will find many different sites offering up to date tenancy agreements for as little as ten pounds.
Something else a mortgagee should consider is whether their mortgagor requires that the tenant take out tenants insurance for the property. As a landlord it is well advised to make sure that the buildings insurance covers the fact that you will not be occupying the property and that instead you will have a tenant occupying. Some very useful information on tenancy agreements can be found at www.adviceguide.org.uk
The above website is published by Citizens Advice and provides a lot of very useful information for a potential landlord.