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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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Clare, We let our our property in March this year and move

Resolved Question:

Hi Clare,We let our our property in March this year and move out to rented property ourselves without telling the bank. It was only when we started discussing with our bank and mortgage advisor on whether to remortgage or stick to variable rate that we found out that letting out without informing the bank was a breach of the Mortgage Conditions.We now want to make it right, but are unsure of what to do and how to do it.Thanks,
Submitted: 11 months ago.
Category: Property Law
Expert:  Clare replied 11 months ago.

Thank you for your question and for asking for me.

You will need to ask the Mortgage Company to change the mortgage to a Buy to Let one - and pay the extra Interest involved

Please ask if you need some further information first

Customer: replied 11 months ago.
A few questionsWhat's the risk involved in disclosing the breach to our current lender? The mortgage conditions state that our lender can even bring the leas to an end...We are looking into moving to a buy to let mortgage with another lender to avoid the risks involved in disclosing the breach to our current lender, would't that be a better solution?
Expert:  Clare replied 11 months ago.

There is risk that notifying your mortgage company will indeed mean that they call upon you to redeem the mortgage.

However it you are already considering an alternative buy to let mortgage then this will not be a problem

Clare and other Property Law Specialists are ready to help you
Customer: replied 11 months ago.
Hi Clare,We've found a lender who would offer us a Buy to Let mortgage, but before moving forward with this option I'd like to make you one more question: To your knowledge, are there chances that our current lender finds out during the transfer process and then takes action against us? .
Expert:  Clare replied 11 months ago.

The lender will not do that - they simply want the money paid - so no problems if you are redeeming the mortgage!

Customer: replied 11 months ago.
Thanks!

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