Sold buy to let for residential property I live in

Fishfacetrace

Advice please seems unusual situation. 2007 sold an interest only mortgage but not until went to remortgage we found out we had been sold a buy to let not for a rental property but for the one we wanted to live in. Anyone? 🤔

Edi81

And your question is?
2007 was the peak of the mortgage lending. Did you go through a broker? May have been the only mortgage he could get you albeit not correct to do so....did you not look at any of the paperwork at the time? Or are you just trying to get compensated?

silvercar

What does your lender say about it now?

Where have they been sending correspondence to? If they have been sending it to the property then arguably they knew you were living in the property.

flower77g

At least one large mortgage lender was offering buy to let mortgages in 2007 that allowed the (would be) landlord to live in the property; so not necessarily a mistake.



Might be worth asking existing lender to convert to a straightforward residential capital repayment mortgage on as long a term as they will allow; if remortgaging to another lender you'd be treated the same way as any other borrower with an existing interest only residential mortgage.

Thrugelmir

Fishfacetrace wrote: »

Advice please seems unusual situation. 2007 sold an interest only mortgage but not until went to remortgage we found out we had been sold a buy to let not for a rental property but for the one we wanted to live in. Anyone? 🤔

Who is your current lender?

While resolving the matter nothing to stop you overpaying the mortgage. As in effect makes your mortgage a repayment one. Every month that passes the time you to repay the debt diminishes.

Fishfacetrace

Doesn't say anything on the paperwork I knew it was interest only just not btl

Fishfacetrace

No mention of the btl on the paperwork I knew it was interest only just not btl only found out when looked into a repayment mortgage

ACG

What is your question?

Fishfacetrace

We do contacted the mortgage lender to swap from interest only about three years ago but it was then that we found out that the interest mortgage was in fact a buy to let we were not aware when we took mortgage out and there is no mention. On the paperwork either

Fishfacetrace

Statement and letters stating increase in libor rate which is what we are on (3.44%) over base rate have been sent to.our address since day one and that is the only address we have been at since 2007. Have spoken to the lender to see if we can change to repayment but the hike in I terest rate was not competitive.

foxy-stoat

ACG wrote: »

What is your question?

There isn't one at this time.