Changing From Residential To Letting Mortgages

lanenaben

I've recently had to change my mortgage with the Abbey from a residential to a letting due to a career move to Scotland. They've notified me that in order to do this they want a non-refundable £690 fee!!! When I called and asked what the fee was for they told me "it was for the priviledge of keeping my existing mortgage with them". In view that I would be better off today being let out of the current mortgage and re-mortgaging, they said that if I switched my mortgage they would charge me the full exit and cancellation fees since I still have another 3 yrs to run on it.

Does anyone out there have experience of this exhorbitant level of fees for changing the type of mortgage??

Thanks

abouttimetoo

Hi Lanenaben

You might get a better response on the House buying renting and selling board but in the meantime...

Yes, I'm afraid there is a huge disparity out there with the various lenders ranging from, 'you just need to tell us you are letting it out, there are no fees and no change of terms' to your own situation. My own case was a £125 letting permission fee and £499 change of product fee.

With regard to the exit fee I'm afraid I don't have any advice but hopefully some of the others will

Regards