10:14 AM, 20th March 2018, About 4 years ago 5
I took out a mortgage in 2007 using a broker for a property, which at the time was our residential property. In 2008 I took another mortgage to buy a second property which then became our residence , with our first property being rented.
During the process of obtaining our second mortgage, we contacted our first mortgage provider to inform them of our plans to put the property on rent and if this would be within the terms of the mortgage. The mortgage provided informed us that they had no issue.
Over time our mortgage has been taken over by another management company, and we were informed of such but did not have to sign any document, we simply kept paying the monthly bill.
We have now received a letter from the new mortgage management company stating that it has come to their attention that the property is being rented and that this is in breach of their terms and conditions. They have asked us to provide full details of the rental agreement, which I am happy to do.
All our mortgage payments are and have been made on time so we are up to date, but obviously my worry is that they come back and request that the property is taken off the rental market. As we originally clarified the intention with our original mortgage provider, had no say in the mortgage being taken over or transferred to the new provider, can anyone advise on what our position would be should the new provider object?
Unfortunately we are not is a position to pay off the mortgage.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleShould I buy a third buy to let?
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|