Halifax Mortgage - Update correspondence address details

mogsie

I acquired a domestic mortgage via Halifax some time ago for a new property my wife and I purchased in Holyhead. We were due to relocate there where I had secured employment and we have family and friends there. There were some initial works required, however before we moved - I lost my job and we had to end up staying in Leeds. I did inform Halifax re the situation and they amended the correspondance address to our Leeds address until further notice.

We put the property on the market for quite some time but had no interest. In the end in order to keep up the payments we rented the property out, I realise now I should have informed the Halifax hen but didn't. We now just about cover the mortgage.
After 2 years + I have suddently had a letter from Halifax to our address in Leeds re updating correspondance address :-
1. If you are living at the mortgaged property please confirm and provide utility bills as proof.
2. If we are to still use correspondace address , please confirm what is happening with the mortgage property and when will you return.
3. If letting the mortgaged property you must telephone us as it is part of the terms of the mortgage and requires prior consent.

This has sent me into a bit of a panic as after reviewing some posts most mortgage companies add anything up to 2% on to the mortage which could be £250 per month which we just couldn't afford. I have quickly looked into re-mortage options but as we are probably in negative equity + costs - this avenue seem's impossible.

Please can anybody give me any advice, do we have any other options ?

Many Thanks

beecher2

All you can do is tell Halifax the truth. No matter what you need to come up with a long term plan to deal with the negative equity.

Laura1986italy

Can you please tell me how you got on as this has now happened to my father and not sure what to do?

Thrugelmir

Laura1986italy wrote: »

Can you please tell me how you got on as this has now happened to my father and not sure what to do?

Be honest. As the truth will come out.

Simon_gloster

Halifax do not give consent to let on 85% + LTV apps let alone -ve equity. Someone mentioned on another thread about lenders not being stupid, hence this letter sent out toconfirm correspondence.

Don't forget Halifax have branches nationwide, they have ways in which they can find out.

Henman_Bill

Mogsie (if still around), what did you do? How does anyone think the bank found out?

Sparx

I dont' think Mogsie will be back.

Last Activity: 10-01-2012 12:56 PM

kingstreet

Henman_Bill wrote: »

Mogsie (if still around), what did you do? How does anyone think the bank found out?

They cross-ref other accounts within the LBG and see if the addresses correspond. If they don't, it triggers the letter mentioned.

The usual requirement is a 3 year fix at 6% with a £999 fee and three year early repayment penalty, in return for formal consent to let.

Henman_Bill

Right, so for example the OP might have had another bank account within the same wider corporate organisation, and did an address change there. Assuming not all UK banks share this info though. Probably data sharing wouldn't permit, whether legally or due to reputation issues.

In my case I am considering/planning to let without telling my bank. For the other banks I am with, I will probably give them a change of address notification as they are completely separate to my mortgage lender, so it shouldn't be an issue.