Mortgage Company adding a Fee to Let ?

jude1_2

Hi All
Hope some one may be able to help!!!!!
I am just about to let my property out to a tennant, I have advsied my Mortgage company that this is the situation as we have a 2 year fixed rate with them, I then recieved a letter that included some of the below text-:

The Mortgage was garnted on the basis that you occupied the property.If you no longer occupy the property, the fixed intrest rate may be withdrawn.
However as a valued customer we are happy to allow your mortgage to continue on the current basis, subject to a payment of a non-refundable fee of £590

What on earth are they paying the admin staff at this place ??? Surely them making this slight change to my mortgage contract would not warrant them to make the huge amount of £590 admin charges??Ifeel this is pure profit for them as,as long as the mortgage is paid which is overall our responsability why should it matter to them???
So sorry for the long thread, just in need of help regarding a letter back to them or if anyones knows if the charge is about right and i should just pay up

Thanks
Jude

Hooner

jude1 wrote:

The Mortgage was garnted on the basis that you occupied the property.If you no longer occupy the property, the fixed intrest rate may be withdrawn.
However as a valued customer we are happy to allow your mortgage to continue on the current basis, subject to a payment of a non-refundable fee of £590

I'd push them on the point of "MAY" be withdrawn without actually threatening to go elsewhere, sounds like they're just testing the water so to speak. Valued customer?:p