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Bank of scotland action required on interest only mortgage
Options
abbeymillman
Posts: 4 Newbie
looking for some advice, i have a buy to let interest only mortgage with BOS, they have sent me a letter asking me how i will repay the mortgage i have 7 years let to run.
The options are 1) i have a plan
2) i have a plan but dont know if it will cover it
3) i dont have a plan
My question is do i hav eto tell them and if i say no i dont have a plan, what can they do about it
Thanks
The options are 1) i have a plan
2) i have a plan but dont know if it will cover it
3) i dont have a plan
My question is do i hav eto tell them and if i say no i dont have a plan, what can they do about it
Thanks
0
Comments
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If it's a BTL mortgage, the usual repayment method would be sale of property.
You're not expected to have a separate repayment vehicle which would be paid for out of taxed income.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 -
Sounds like Bank of Scotland do not consider it a buy to let mortgage.
Was the property originally acquired with the help of BOS as your home Abbey?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
a broker arranged the mortgage i think he maybe set it up as a second home. I just did what he advised0
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abbeymillman wrote: »a broker arranged the mortgage i think he maybe set it up as a second home. I just did what he advised
Did your broker advise you to take out a residential mortgage instead of a BTL and still let out the property without getting consent to let?
Your plan would be to sell the property or take out a proper BTL mortgage."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
Oh dear oh dear.0
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yes thats exactly what he did, what do i do now0
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If you have the equity and the rental income fits, why not remortgage to a BTL product?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
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abbeymillman wrote: »yes thats exactly what he did, what do i do now
Tell them you plan to sell the property.0 -
Thrugelmir wrote: »Tell them you plan to sell the property.
..and hope they don't ask any more questions.0 -
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