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Do we need to tell the mortgage company?
bernjo
Posts: 1 Newbie
My now retired husband has bought a small flat second property with money from inheritance, commuted pension, and savings, along with £30.000 mortgage secured on our main property which was mortgage free. I didn't want to put my name on the deeds because I receive a basic pension (none taxpayer) and didn't want to get involved with filling in tax forms again. Yes I know it's silly financially to do this but anything for an easy life at the of 65. Does my husband need to tell the mortgage company he will be renting out the flat as we remortgage our main home to fund the flat?
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Comments
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No. Remortgaging your own home, you can normally use the money for practically any purpose. Only no-nos are usually tax payments, gambling debts etc.
Your name may not be on the deeds of the asset purchased by the released funds, but it's certainly on the loan used to finance it.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
No need. The mortgage co are only interested in the property you have secured the mortgage against.0
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If your husband fails to pay the mortgage repayments, which property will the lender repossess?
Correct. Your home.
So the flat is of no interest to them.
Other things for your husband to consider though:
New Landlords (information for new or prospective landlords)0
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