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Need help with BTL mortgage
Thbm
Posts: 6 Forumite
Currently in the process of switching my mortgage to a BTL however I have a tenant in place. Have not informed lender as would be classed as unauthorised letting? Or would it? They now want to see my bank statement which shows my rent going in.
Want to be right by everyone but always a stumble. Also in process of purchasing 2nd house to live in. Didn't tell them 🙈 they also said under there terms the tenant must be working. She's not! And I cannot kick her out. She's a carer for her son.
Any advice please. New to this.thanks
Want to be right by everyone but always a stumble. Also in process of purchasing 2nd house to live in. Didn't tell them 🙈 they also said under there terms the tenant must be working. She's not! And I cannot kick her out. She's a carer for her son.
Any advice please. New to this.thanks
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Comments
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Find a new lender perhaps via a broker0
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What will skipton do if I tell them I've been renting.? Also will they check the status of the tenant?0
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Skipton could call in the whole mortgage. A more likely scenario is that they will increase your interest rate and back date it.
Given that you didn't bother requesting consent to let from Skipton when you started letting the property is there anything else you failed to do as a landlord? Right to rent checks? Gas safety certificate? Deposit protection? Landlord insurance?
See G_M's Guide to Tenancies in England & Wales for information.0 -
Another option may be to find a BTL mortgage from a different lender.
Then transfer (port) your existing mortgage to your new residential home, if you have some reason to stay with Skipton. That would avoid any awkward questions.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 -
Nope everything else is in place.0
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