Can we reclaim penalty charges on a Buy to Let Mortgage

dimbo61

Can you speak to your accountant ? Re offsetting this charge against rental income as part of the Buy To Let business ????
If you pay a FEE in getting a loan to buy a BTL property I think you can offset the cost against rental profit
Please speak to an accountant

lovinituk

Why did you sell one BTL property to buy another? Is the mortgage actually on a property that is rented out or do you live in the property?

PBA

Actually taking a company to court costs less than you might think. All you have to pay is the small claims court fee, and the company's costs can't be paid by you even if you lose.

Not saying that an other posters are wrong, about eligibility etc. for porting, just pointing out that legal action isn't expensive.

haras_nosirrah

Why did you decide to sell that property in order to buy another btl property?

Rednoseranter

Sorry if this sounds harsh, but you've no chance of success through the FOS, your only option is Court action. Just because a mortgage IS portable doesn't mean your lender WILL allow you to port it. This option is always at the lenders discretion. Likely that the limits of this feature are spelt out in the detail of your contract - it's very unlikely that your lender changed anything in the contract.

This is a commercial contract between two businesses and not a consumer contract, therefore the FOS will not intervene (especially as your commercial lender isn't subject to FOS rules).

Thrugelmir

PBA wrote: »

Actually taking a company to court costs less than you might think. All you have to pay is the small claims court fee, and the company's costs can't be paid by you even if you lose.

Not saying that an other posters are wrong, about eligibility etc. for porting, just pointing out that legal action isn't expensive.

A small claims court will refer the matter higher to be heard.

lovinituk

Thrugelmir wrote: »

A small claims court will refer the matter higher to be heard.

Why? Small claims limit is £10k now.

rachehut

Thanks. We are going to take it to the County Court.

kingstreet

Speak to a solicitor to ensure you have a chance of success before you embark on this plan.

haras_nosirrah

Can you please confirm as you have not answered

Were you trying to sell one buy to let and buy another buy to let?
Were you trying to sell the buy to let and buy a property for you to live in? Or were you trying to transfer the mortgage from the buy to let you were selling to another property you already owned?