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Sorting out BTL
kaznelson
Posts: 463 Forumite
Hi, Hope someone can help
18 years ago I purchased a house and have been renting this out to a family member since. Purchase price was £29K, now valued at £130k. Interest only with endowment. 7 years left on mortgage.
Since then I got married and got another mortgage on my current home (15 years ago). Never informed the 2nd Mortgage Lender
about the 1st Mortgage or vice versa. I know this isn't correct and I should of declared.
I am now looking to buy a 2nd rental property and wanted to know what penalities/charges would apply when I declare that I have been renting out the 1st property???
Thanks in advance.
18 years ago I purchased a house and have been renting this out to a family member since. Purchase price was £29K, now valued at £130k. Interest only with endowment. 7 years left on mortgage.
Since then I got married and got another mortgage on my current home (15 years ago). Never informed the 2nd Mortgage Lender
about the 1st Mortgage or vice versa. I know this isn't correct and I should of declared.I am now looking to buy a 2nd rental property and wanted to know what penalities/charges would apply when I declare that I have been renting out the 1st property???
Thanks in advance.
0
Comments
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Why not just clear the BTL mortgage completely and start again on a straighter road.
Alternatively forget the second property - you are putting yourself on the radar.0
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