Mortgage Deed Conditions - Empty Property

Oxid8uk

Does anyone know if there is usually a clause in Mortgage Deed Conditions that say you shouldn't leave a property empty for long periods of time? My partner and I are moving our of his mortgaged property into a new one and his mortgage lender is being really unreasonable - they won't give him consent-to-let to rent it out short-term while he tries to sell it (they don't 'believe' him) and they insist he goes onto a BTL mortgage which requires him to put down more equity which he doesn't have and therefore isn't an option. The only other option is to move out and leave the place empty so he only pays the mortgage and minimal bills on it. My partner doesn't have a copy of the Mortgage Deeds (The Nottingham BS) so we can't check - any help will be gratefully received.
Thanks.

BoGoF

For a start it is unlikely to be insured if you leave it vacant, unless you get a special policy but yes if you take out a residential mortgage, the lender expects the property to be occupied by the person who took out the mortgage

holly_hobby

A condition of your mortgage is to have valid buildings insurance.

Normal buildings (& contents) is invalidated for extended periods of absence - in effect if vacant for 30 or more consecutive days.

Invalidated Blds insurance = a breach of the mortgage terms - which is to retain blds insurance as part of the general mortgage t&cs.

Breach of mortgage terms can afford the lender the oppurtunity to ask for immmediate redemption (repayment) of the mortgage within a specified period.

Suggestion - is to have a google - there are providers who offer unoccupied property insurance (normally aimed at landlords for periods of unoccupancy), but also avail for residential purposes.

You also need to consider issue re unoccupied properties, from un-realised damage/flood etc, to unauthorised occupants making themselves at home !

Hope this helps

Holly

Oxid8uk

We would ensure it has the correct buildings insurance so we won't be breaching the mortage conditions there, just wondered if you could leave it empty for long periods of time, or if lenders require the place to be occupied x number of days per year.
I work just down the road from the place so will be popping in most days to check it over/ensure it is secure etc. It is a new build with the full security doors and windows, and luckily no windows at ground floor level, so fingers crossed we won't have any unwanted lodgers!