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2 Mortgages One with a change of use??
ALDLJ
Posts: 1 Newbie
Hi all
I was wondering if anyone could offer me some advice on the predicament that I'm in.
I owned a terraced house. Borrowed £55,000 (Interest Only 10yrs mortgage) on it for a deposit and part cost of renovating a second property. We lived in the terraced property until we had finished the work on our new home.
We have been living in our new home for 2yrs now and we have rented out our terraced property. When we took out the loan on the terraced property they told us we would need to change it to a buy to let loan when we moved into our new home. We have not doen this as the cost of a buy to let mortgage as opposed to our interst only would be greater. Is this illegal? Can the mortgage company reclaim any money from us if/when they find out? Can anyone out there offer any advice.
I was wondering if anyone could offer me some advice on the predicament that I'm in.
I owned a terraced house. Borrowed £55,000 (Interest Only 10yrs mortgage) on it for a deposit and part cost of renovating a second property. We lived in the terraced property until we had finished the work on our new home.
We have been living in our new home for 2yrs now and we have rented out our terraced property. When we took out the loan on the terraced property they told us we would need to change it to a buy to let loan when we moved into our new home. We have not doen this as the cost of a buy to let mortgage as opposed to our interst only would be greater. Is this illegal? Can the mortgage company reclaim any money from us if/when they find out? Can anyone out there offer any advice.
0
Comments
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How will they find out unless you tell them?
have you got some money to pay the 55000 pound off or are you selling the second property?0
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