Consent to lease charges

scholes

I moved out of a property in 2007 and was unable and am still unable to sell. Received 'consent to lease' approval from mortgage provider which lasted for 3 years to 2010. After 3 years, I started being charged 0.5% of outstanding mortage every 6 months for being allowed to let the property - amounts to nearly £2,800 a year. No paperwork / renewal application received at the time and charges just added to outstanding mortage. A year down the line in 2011, i have finally received some paperwork advising of their charges and a new consent to lease form to fill in. My question is -as this letter advising of the charges has been sent to me a year late and they have already added £2,800 to my mortgage, have they added the charges illegally up to this point ? and secondly I accept that there should be a charge but surely the annual amount of £2,800 is excessive ?

silvercar

1% a year is fairly standard plus you got the first 3 years free.

Another option would be to move your mortgage to a BTL product with the current lender or a different one.

holly_hobby

Are you saying that you did not know about the extra charge until you recd your annual statement ?

Or that you knew about the charges, but are unhappy that you did not recd any formal notification of the charges, until your recd you first annual statement (1st one post roll up charge) ?

Holly