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Fees for converting to buy-to-let
taffjonescheltenham
Posts: 1 Newbie
All,
I have just shacked up with my girlfriend and started a new mortgage on our house. I am renting out the old house, and already have a tenant in. Obviously I need to let my mortgage lender (C&G) know, so they have sent me a form to fill in.
They also want a big fat fee of £100 for doing, as far as I can tell, !!!!!! all.
Is this charge "reasonable", or will it be the next thing I try to reclaim?
Can anyone explain what I get for £100?
Is there anything I can do about it?
I'd love to hear you advice or opinions.
Taff
I have just shacked up with my girlfriend and started a new mortgage on our house. I am renting out the old house, and already have a tenant in. Obviously I need to let my mortgage lender (C&G) know, so they have sent me a form to fill in.
They also want a big fat fee of £100 for doing, as far as I can tell, !!!!!! all.
Is this charge "reasonable", or will it be the next thing I try to reclaim?
Can anyone explain what I get for £100?
Is there anything I can do about it?
I'd love to hear you advice or opinions.
Taff
0
Comments
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£100 is cheap. they are giving you permission to break one of the terms of your mortgage agreement, namely that you reside in the property on a residential mortgage. Many lenders charge a lot more or insist that you move to a BTL product.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Let's see.
As silvercar points out, you have broken the terms of your mortgage contract. C&G could call the loan in and demand immediate repayment !! OR pay £100.
I know what I would do.
In all seriousness, £100 seems fair enough as some lenders will charge quite a bit more than that AND increase the rate you are paying.0 -
They should call the loan in and demand immediate repayment. That way there can be no arguements over whether £100 for breach of contract is fair or not.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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