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how honest do I need to be for an easy life?

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silvercar
silvercar Posts: 49,510 Ambassador
Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
in Mortgages & endowments
I absolutely want to be honest all round but I don't want to give myself more problems than I've already got.

Intending to move house I applied and got a mortgage offer - all straight forward. I am redeeming my current mortgage on my current home at the same time.

Problems further down the chain and am considering doing a BTL on a property to close off the chain. Chatted with the mortgage advisor at my bank (My business banking manager is writing a letter of support with the application so its easier if I stick with my bank). As well as the usual LTV and rental questions the MA inquired about salary and accounts etc.
Apparently they need this informaton for the underwriting.

I obviously didn't mention the BTL on the residential mortgage application form because it wasn't happening at that time. Really it bears no relation to the application as the rental pays the mortgage on the BTL and we pay our residential mortgage. My question is, do I NEED to go back o my original mortgage people and tell them I'm doing a BTL? Will it affect the offer I've already been given? As I haven't lied I'm hoping you'll all say "no" as I've got enough hassles here!
I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.

Comments

  • ajmalkader
    ajmalkader Posts: 10 Forumite
    I am in the same situation, best is not to mention now and when when you are about to buy the new house inform the mortgage people that you are going to buy to let the old property, usually they accept it.
  • stanmoresaver
    stanmoresaver Posts: 614 Forumite
    I suggest that when you signed the declaration it would have contained words to the effect of - you are required to inform us of any change of situation.

    Understand your predicament- this sort of situation is where the buffer of a decent expererienced broker proves it's worth.
    I am a fee charging WoM Mortgage broker.
    I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.
    Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:
  • stanmoresaver
    stanmoresaver Posts: 614 Forumite
    ajmalkader wrote:
    I am in the same situation, best is not to mention now and when when you are about to buy the new house inform the mortgage people that you are going to buy to let the old property, usually they accept it.

    Very much depends on the individual lender- don't assume because one lender does one thing that all the others follow suit.
    I am a fee charging WoM Mortgage broker.
    I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.
    Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:
  • silvercar
    silvercar Posts: 49,510 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    OK I bit the bullet and phoned them.

    They would only need to know details if the BTL mortgage was up and running when I made the application. As I already have the mortgage offer and wouldn't actually have the BTL mortgage until I have completed on my residential mortgage they are not interested. It would be up to the BTL mortgage lender to make their decision based on knowing the residential mortgage we are taking, which is all fine.

    Off to polish my halo. :A
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
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