Our lips are sealed?

Our lips are sealed?

13:07 PM, 16th September 2014, About 9 years ago 11

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After 7 years living abroad we are moving back to the UK in the next couple of months. Before we left in July 2007, in the dim distant days of self certified buy to lets and sub prime lending, we transferred the mortgage on our home from a repayment to a buy to let mortgage.

Since then we have been lucky in that the property has been let out on a continuous basis for the past 7 years. We have set a goal of moving back to the UK for a max of 2 years to get our finances sorted out and then to sell the property and move back abroad.

We are realistic enough to know that we will never be able to remortgage the property given the LTV, our ages, early 50s, and being self employed so selling in the next two years will, at least, give us some equity.

Our dilemma is whether to tell our buy to let provider that we intend to move back into our property or to keep our lips sealed? My sense now is that being honest with financial institutions nowadays, especially dodgy sub prime lenders, could be a recipe for disaster.

Our own lender doesn’t even exist now as a lender having sold their mortgage book on a few years ago. If we are savvy and don’t let the whole world know our change of address I am mined to not say anything and hope for the best.

A recent health scare has dented my confidence a bit so where I could have dealt with issues like this without too much stress in the past I now find myself preoccupied with trying to work out what to do for the best.

Any thoughts, similar experiences or advice would be greatly received!


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16:53 PM, 19th September 2014, About 9 years ago

Actually, N S is quite right because under section 3 of the new Fraud Act, criminal conduct which may previously only have amounted to a breach of contract or other civil law or moral obligation can now fall within the act of fraud.
Breach of banking covenants, for example, where a loan contract contains an obligation by the borrower to draw an event of termination to the attention of the bank, but fails to do so may now be deemed to be fraud and from what Paul has already said in his post I don't think there would be much doubt to prove so I think he would be pushing his luck.

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