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Let-to-Buy / Consent to lease Help Needed!
worriedagain
Posts: 2 Newbie
Hi All,
First time poster so go easy! I really need some advice as I am worried sick.
I own a flat with my brother and we recently tried to sell it as I have moved in with my girlfriend. My girlfriend was living with her sister but I have bought her sister out and have been transferred onto the existing mortgage.
We had no offers for the flat so decided to rent it out. We remortgaged with Bank of Scotland on what we thought was a let-to-buy and have now got a tenant in the property on a 12 month tenancy.
Our mortgage advisor knew we intended to rent out the property immediately and recommended the BOS tracker mortgage we are now on, we trusted his recommendation and went with it.
I contacted BOS after the flat had been let to advise them of a change of a correspondence address only to find out that they knew nothing about the property being rented out and are now stating we are in breach of our mortgage terms. Our advisor says this is incorrect and that it was agreed in advance that the property would be let out. I am yet to see written confirmation of this.
We have only made 3 monthly payments and cannot apply for consent to lease for another three months, and there is no guarantee that they will give permission.
My mortgage advisor says he will speak to BOS but I can’t see how we have a leg to stand on as it is not a let-to-buy mortgage. I am waiting to hear back from my advisor but surely BOS will not allow us to stay on the tracker mortgage or even worse cancel the mortgage or repossess!
Anyone had a similar experience?
First time poster so go easy! I really need some advice as I am worried sick.
I own a flat with my brother and we recently tried to sell it as I have moved in with my girlfriend. My girlfriend was living with her sister but I have bought her sister out and have been transferred onto the existing mortgage.
We had no offers for the flat so decided to rent it out. We remortgaged with Bank of Scotland on what we thought was a let-to-buy and have now got a tenant in the property on a 12 month tenancy.
Our mortgage advisor knew we intended to rent out the property immediately and recommended the BOS tracker mortgage we are now on, we trusted his recommendation and went with it.
I contacted BOS after the flat had been let to advise them of a change of a correspondence address only to find out that they knew nothing about the property being rented out and are now stating we are in breach of our mortgage terms. Our advisor says this is incorrect and that it was agreed in advance that the property would be let out. I am yet to see written confirmation of this.
We have only made 3 monthly payments and cannot apply for consent to lease for another three months, and there is no guarantee that they will give permission.
My mortgage advisor says he will speak to BOS but I can’t see how we have a leg to stand on as it is not a let-to-buy mortgage. I am waiting to hear back from my advisor but surely BOS will not allow us to stay on the tracker mortgage or even worse cancel the mortgage or repossess!
Anyone had a similar experience?
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