Mortgage Problems w/ failed relationship

Dave_Ham

You are right to look into this now, as at some point in the near future you will have either or both of the:

I do not/cannot afford to pay a % of the mortgage and bills and/or my parents want their deposit back please

I would stick it out for a year (to miss Early Repayment Charges) and then you have to sell.

You will not get a cheaper mortgage on that type of value for under £400. Santander will not let you go on interest only.

You are attempting to hang on the property ladder, but I fear it is untenable. Unless you have means to repay the deposit, it will be asked for and morally you need to repay.

I wish you well.

Labinopper

Just a further question to everybody, we have somebody coming over to view the flat tomorrow to consider how much we can let it out for, however she has told my partner that we don't need to notify Santander? even though its on a residential mortgage. I would just like clarification, do i NEED to tell them? What are the risks involved if we are supposed to but don't? I'm not considering it personally, but my ex partner is.

Thrugelmir

You do need to request approval from Santander not just notify.

Without permission you are in breach of your mortgage terms. Also most likely will void any landlords insurance cover you effect as well.

Suggest you ditch this letting agent and try another.

holly_hobby

Labinopper wrote: »

Just a further question to everybody, we have somebody coming over to view the flat tomorrow to consider how much we can let it out for, however she has told my partner that we don't need to notify Santander? even though its on a residential mortgage. I would just like clarification, do i NEED to tell them? What are the risks involved if we are supposed to but don't? I'm not considering it personally, but my ex partner is, and is kinda telling me that I have next to no say because her parents put down the deposit

Ooh no, no, no .... naughty !!

As Thurls. quite rightly says, you absolutely MUST seek CTL permission from your lender, and effect landlord ins (at least blds, but contents too if affordable).

If yoy fail to seek CTL - you are in brech of your mge terms, which essentially means that your lender can demand immediate redemption (repayment), leaving you to source yourself a BTL mge pretty sharpish !! Of course they will also probably back date any loading and fees, in addition to asking for you to kindly seek an alternative lender.

Your resi blds insurance is also invalidated - meaning that if god forbid, your house burned down, you are not covered and have lost everything ... whilst still owing the lender !

So, this is NOT to be advised or condoned .....

Please, please, ensure you obtain CTL - I would hate for you to fall foul, and lenders have a funny way of finding out these things ..

Hope this helps ...

H x