Mortgage Advice Please?

GJC_2

Hi All,

About a year ago I was unable to sell my property in time for me moving into my new house (off-plan new build) and was forced to let it out. I went through the proper channels and informed my lender (Mortgage Express) and got there consent to let without any problems.

However, I have now received a letter from them informing me that their consent expires this coming September and that they expect me to redeem my mortgage. Here lies the problem, as any new mortgage will have to be a BTL I currently do not have enough equity in the property to reach the current available LTV. The property is worth around £110-115k and I owe £97k. I also doubt I have much chance of selling in the current market.

Can anyone please advise as to what they think I should do? How would it stand if I just told MX that I have moved back into the property?

G

Robert_Sterling_3

OK I should think if it was true.

GJC_2

Thanks for the responses guys.

I defo will not be moving back in as I have another property which I regard as home.

Looks like the only option is to try and sell in the current market as I do not have enough equity for BTL and no other money available to supplement.

I'm away to stick my head in the oven.!!

G

silvercar

I would throw it back to them. Remind them that you have been honest in telling them you were letting the property and that you intend to sell when the market picks up. In the mean time you would be grateful if they would consent to you letting for another year.

If that fails and they refuse to consent, I would tell them that you can't sell at the moment and that you can't redeem your mortgage and seek their advice on a way forward.

GJC_2

Thanks guys,

If I just inform MX that I have moved back into the property and let out my other house (my home), would they actually check or just take my word for it?

G

gizmo111

What did their original consent letter say?