Can I get out of my ING mortgage during their merger with Barclays

[Deleted User]

Hi,

I'd like to start renting my house out but under the T&Cs of my ING mortgage I'm not allowed, so I need to find a new mortgage. I'd like to avoid paying an ERC to get out of my mortgage (there's 12 months left) and I wondered if anyone knew whether or not I'd be able to use Barclays upcoming acquisition of ING as a valid reason for leaving my mortgage and not having to pay the ERC. I'm clutching at straws here, but the ERC is nearly £2k!

Thanks,
D

miduck

No, you won't - your liability remains the same.

Thrugelmir

Unlikely that a new lender would grant consent to let immediately. So remortgaging won't solve your problem.

dunstonh

I'd be able to use Barclays upcoming acquisition of ING as a valid reason for leaving my mortgage and not having to pay the ERC.

LOL no.

I'm clutching at straws here

Er, yes.

Conrad

going_rental wrote: »

Hi,

I'd like to start renting my house out but under the T&Cs of my ING mortgage I'm not allowed,

Thanks,
D

Ok I cannot condone this, however this is a discussion forum (not an advice platform) so I thinks it's reasonable to mention the following;

MANY people let thier place out without consent to let. I've been in the business 20 years and it's completely normal to come accross this.

Again I of course cannot condone this evil dastardly behaviour!

One thing to bare in mind is that if it's a freehold property, the buildings insurance must match the actual risk, so if the place is let the buildings insurance must reflect this otherwise you will have a void policy. There is a chance a lender may become aware of such a change in insurance policy........

Many folk do not bother changing thier insurance but if the nplace burns down and the tenants get injured...........:(

getmore4less

Don't dismiss the chance that Barclays may be willing to help once they have your mortgage

somethingcorporate

I guess as a default no mortgage has terms allowing letting, but have you tried asking / applying for consent to let?