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BTL mortgage : do they check?

kingkano
kingkano Posts: 1,977
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in Mortgages & endowments
Do banks check if you have actually let your property after you take out a BTL mortgage??

thanks

Comments

  • silvercar
    silvercar Posts: 51,428
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    Why?

    They could well check that you have the appropriate building insurance (ie one that specifies a let property). I would think that they are unlikely to pay a visit and ask whoever answers the door if they are a tenant. On the other hand, if your branch manager lives on the road...who knows?
    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.
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    kingkano wrote: »
    Do banks check if you have actually let your property after you take out a BTL mortgage??

    thanks

    No! It's now your responsibility as a landlord.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • kingkano
    kingkano Posts: 1,977
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    silvercar wrote: »
    Why?

    They could well check that you have the appropriate building insurance (ie one that specifies a let property). I would think that they are unlikely to pay a visit and ask whoever answers the door if they are a tenant. On the other hand, if your branch manager lives on the road...who knows?

    Long story. basically as an alternative to a bridging loan so that we can move on. But we would probably sell the property rather than actually let it... Unless I found a friend I could trust to rent it ;)
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    kingkano wrote: »
    Long story. basically as an alternative to a bridging loan so that we can move on. But we would probably sell the property rather than actually let it... Unless I found a friend I could trust to rent it ;)

    I can only assume that the property has not sold and you are trying to find ways to raise money to move.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • silvercar
    silvercar Posts: 51,428
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
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    kingkano wrote: »
    Long story. basically as an alternative to a bridging loan so that we can move on. But we would probably sell the property rather than actually let it... Unless I found a friend I could trust to rent it ;)

    We bought out the bottom of our chain so that we could move on. Found a tenant very quickly and have been renting it out since. Good luck!
    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.
  • kingkano
    kingkano Posts: 1,977
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    JoeK wrote: »
    I can only assume that the property has not sold and you are trying to find ways to raise money to move.

    JoeK

    It will definitely sell. It would just be easier to sell vacant possession, and may take a few weeks longer than we really have ;)

    Although we could be tempted to let it out still lol.

    Cheers for the replies guys. (and the bit extra Silvercar!)
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