We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Very confused with mortgage refusals - Help!
Comments
-
Officially you can't rent out a property with a residential mortgage without consent to let. Many people do though as rates can be cheaper. Breach of terms and conditions and a dangerous game to play regarding insurance.
Yes, I understand that.
The bit that I don't understand is that the other joint owner lives in the house. So how can it also be rented out?I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0 -
FWIW another HBR&S member and I sat and went through two landlord's insurance policy documents from cover to cover not so long ago and neither of them made any mention of consent to let being required, nor that such consent not being sought or granted would render the cover void.
I'd always thought not getting consent would void the cover, but I couldn't find evidence of that, and had to reluctantly stop using it as a reason why consent should be sought.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I also find it difficult to comprehend how a property can be let in such circumstances.The house I have a joint mortgage on with a family member is lived in by that person,I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
zzzLazyDaisy wrote: »Yes, I understand that.
The bit that I don't understand is that the other joint owner lives in the house. So how can it also be rented out?
I had read it as 'coming clean' later in the thread as in the family member has moved out and the property is being rented out.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Having re-read that later post I think you're right. It's jointly owned by the two family members on a residential mortgage and they now let it without consent.I had read it as 'coming clean' later in the thread as in the family member has moved out and the property is being rented out.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Having re-read that later post I think you're right. It's jointly owned by the two family members on a residential mortgage and they now let it without consent.
My thought exactly. May well be wrong but I am cynical sometimes. Wouldn't be the first post where the truth has been served up bit by bit!I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards