COOP Mortgauge

jamesthe1

I have actually now let it and not told the bank plus got some landlords insurance, turns out the Halifax will give me a second residential mortgage! so this work out great as have 5 years fixed at amazing low rate with the coop

ACG

See if the second mortgage goes through.
Theyre not stupid, there will be notes that you have asked for consent to let on the existing mortgage and now your looking for a new mortgage.

Also, double check the terms of the landlords insurance, its potentially not worth the paper its written on, one of the clauses may say the property if mortgaged will have to be on a BTL or have consent to let.

Thrugelmir

Wutang wrote: »

No it wouldnt....

Suggest you check........

GMS

jamesthe1 wrote: »

I have actually now let it and not told the bank plus got some landlords insurance, turns out the Halifax will give me a second residential mortgage! so this work out great as have 5 years fixed at amazing low rate with the coop

I am sure you are aware you are now in breach of the mortgage terms and conditions.

Did the new insurer ask who the lender is? Did your original insurer have Coop noted as an interested party? If so Coop will be informed when the cover lapses and will want to see new cover. Can of worms possibly opened wide

Thrugelmir

Regarding insurance.

http://www.arla.co.uk/information/insurance/buildings-insurance/

Consent. It is essential that you advise and obtain consent to let your property from your mortgage lender, existing insurer and head lessee (for leasehold properties). Failure to obtain written consent from these parties may render your insurance void in the event of a claim. Sadly there have been many instances where buildings claims have been totally rejected because the insurer and or mortgage lender was not advised the property was let.