Alliance & Leicester Plus Mortgage Letting of Property

max101

Hi,

Just a quick query regarding my Alliance and Leicester Plus Mortgage, i needing to rent out the my property due to job relocation, how ever i don't think that A&L allow this and i cannot transfer the mortgage as i'm still within the fixed period.

Is there anyway around this problem, as i really don't want to leave the flat empty and still pay the mortgage.

Will they change there mind when the fixed term ends and the mortgage reverts to SVR.

_Andy_

Why do you feel they will not allow it? Have you asked for consent to let?

max101

I spoke to them at the start of the mortgage in August 2007 and they wouldn't allow it.

_Andy_

I don't think the type of rate will affect it. Your choices then are 1) Rent it out against their consent or 2) Remortgage on a buy to let basis

rl290

I have an A&L 5 year fixed taken out in summer 2007. In summer 2008 I asked for permission to let, and they had no problems with it - I gave details over the phone and they sent me a letter to confirm all was ok.

R

max101

Andy - i can't remortgage to a buy to let as there is not enough equity in the property


rl290 - was your mortgage a Plus Mortgage where you borrowed more than 100%, i don't think they will allow it on this type of mortgage.

rl290

Ah, no it wasn't Max.

Toki

My girlfriend did something similar, her mortgage was with Accord and they agreed but put the interest rate up by 1%. Its worth asking A&L to see what they say.

feisty1

_Andy_ wrote: »

I don't think the type of rate will affect it. Your choices then are 1) Rent it out against their consent or 2) Remortgage on a buy to let basis

Alliance and Leicester Plus Mortgage's are the equivalent of the rock's together

h63298

Hi Max

Can I ask did you succeed with A&L? I am currently going through a complaints process with them as I called last month and was told I could let the property out. I also have aplus one mortgage at 100% (no higher!). I then called to activate this recently (after signing with the estate agents) as I was told that I could do this and they have no retracted this and said Icannot let under the T&C.

I have put this through the complaints process as a) I was told incorect information which I have acted on and b) I did not sign any T&C where it states you cannot let the property out. I dont know what my legal rights are? does anyone know?? but if its not in the T&C that you signed I cant see how they refuse.

I have been promised a response by the end of the week but will be taking the matter forward if not resolved. I am no difficulty to repay the mortgage. It seems rediculous to not be allowed to do this!

Thanks

max101

I asked them and they said that i couldn't rent the property out as it was on a Plus mortgage.

I can't see how this would affect it in any different way from being an 90% mortgage.

Let me know how you get on with fighting this.