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Mortgage advice please
Comments
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:mad:
crap, i would blame my advisor as he failed to has this important question.
No, you lied about what you were going to do with the house. You knew before buying that you'd be renting it out.
From 23/12/09
by the way did i forget to mention, i am intending to rent the property out over a period of 35years+
11/1/10As I have mentioned earlier I intend to pay back the money I burrowed. This will be achieved in many ways:
1. Looking to purchase then rent the property out.OK, should i inform my advisor, I am looking for a buy to rent mortgage.
Can i not apply for a normal mortgage and look for tenants (to let) through estate agents.
I can however make the repayments based on my salary which is the region of £23k.I was born too late, into a world that doesn't care
Oh I wish I was a punk rocker with flowers in my hair0 -
It's not his responsibility to check up on your legal borrowing status.
He is being instructed to rent a property, thats his domain.
As a LL there are many legal requirements, you need to do some serious reading. You sound very uninformed, and I would suggest you seriously re-think this venture, it sounds as though it was cobbled together after a few pints instead of a few hours research.
You need to be upfront with your lender, now.I can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.
That also means I cannot share in any profits from any decisions made!;)0 -
BTW it wouldn't be "fraud" as you obtained the money honestly, it would be a breach of your mortgage terms, so expect a financial penalty.
His previous posts do indeed point towards fraud.I was born too late, into a world that doesn't care
Oh I wish I was a punk rocker with flowers in my hair0 -
Thanks everyone for your advice, I think i better ring the broker/lender sooner than later before this go out of hand.
:beer:0 -
The real danger is if you fail to keep up with mortgage payments and the property gets repossessed. Then you are in breach of the tenancy agreement you have created with your tenants and they can sue you for the costs incurred in losing their home. That is apart from causing others to lose their home. With consent to let or a buy to let mortgage, the tenants have some protection in that the lender acknowledges the tenancy.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.0
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Do you know the difference between a civil matter and criminal activity? Doubt it, posting rubbish like that.
Sorry, is money laundering a civil or criminal matter?
The OP sounds as though he would find it difficult to argue that his original circumstances changed. This suggests he obtained a mortgage fraudulently, which is a criminal matter. In short, the worst that can happen is....jail.I can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.
That also means I cannot share in any profits from any decisions made!;)0 -
just bought a property for 240k with a 2yr fixed rate mortgage at 4.01% interest only. On the mortgage agreement it says the property is for residential for myself. My broker didnt ask me at the point wheather I will be living or renting the place out.
I am now looking to rent the property out as my personal circumstances has changed. What are my options, can I still rent the property out, even though the agreement says I am to live there?
Also, isit too late to get a building insurance?
Please advice
Quote: My broker didnt ask me at the point wheather I will be living or renting the place out.
When you signed the declaration you will have signed saying this is your residence.....sounds like you're looking for a get out of jail card0 -
If i inform my lender, what will this mean for me. will my montly plan increase, will they reject a 'concent to let'
What is the worse which can happend if the lender knows about this?
Sorry for the daft questions as i a FTB
You're not that daft, that you've bought under residential and now want to change to BTL!......Nat west have called in loans in cases like this before...other lenders need to follow.......0 -
There maybe trouble ahead........................0
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