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Mortgage - we're about to let...
heatherg_4
Posts: 2 Newbie
g'day,
brill site - been getting the emails for a while, but first foray onto this maze of information (so forgive me if I missed a thread on this in my search!).
We've decided to move o'seas for a while (3 guesses where)
and are going to let our flat out.
The mortgage co are charging £120 'to consider your request to let your property', and then adding an extra £200 per month on top of the mortgage payment for the privilege. (We have 6 mths left before we can change companies).
I guess it's in the contract, but it really grates. Can anyone tell me - is this charge and rate-hike usual in these circumstances??
Cheers...
brill site - been getting the emails for a while, but first foray onto this maze of information (so forgive me if I missed a thread on this in my search!).
We've decided to move o'seas for a while (3 guesses where)
and are going to let our flat out.The mortgage co are charging £120 'to consider your request to let your property', and then adding an extra £200 per month on top of the mortgage payment for the privilege. (We have 6 mths left before we can change companies).
I guess it's in the contract, but it really grates. Can anyone tell me - is this charge and rate-hike usual in these circumstances??
Cheers...
0
Comments
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Seems typical, a few companies will let you let out without imposing a payment increase, but then again some lenders won't allow it at all.
In your situation, there must be a temptaion to forward mail to another address and don't tell the mortgage company you are letting it out. By the time they did realise and made an effort to change your mortgage over you would have remortgaged anyhow.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.0 -
Seems typical, a few companies will let you let out without imposing a payment increase, but then again some lenders won't allow it at all.
In your situation, there must be a temptaion to forward mail to another address and don't tell the mortgage company you are letting it out. By the time they did realise and made an effort to change your mortgage over you would have remortgaged anyhow.
an excellent plan IMO - just ensure you have landlord's liability insurance in placeI am a Mortgage AdviserYou 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.0 -
Thanks v much for that.
Expected *some* kind of fee etc from them, but not such a hefty increase!!0
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