Possibility of huge early repayment penalty on buy to let mortgage

dickturbo

My daughter has a buy to let mortgage. Through no fault of her own, she will have to move back into her buy to let property, as in another property, held jointly held with her fiancee, the relationship has broken down in a big way and she needs to live at the buy to let as a ''Safe House'', as she feels very unsafe at her existing house ( I'm sure I don't have to go into all the details). However, an early repayment charge of 4% or approx 6500 pounds could well be payable , looking at the company offer, when she took the buy to let mortage out two years ago . What is the best way to approach this, so there is a good chance to significantly reduce or eliminate this early penalty repayment, which she can ill afford. The key point is that she will have to do this move,  for her own safety and through no fault of her own and also it has occurred during this awful covid pandemic. Are the Mortgage providers likely to be sympathetic or will they stick to the letter of the agreement ? The buy to let mortgage provider is owned by a big high street building society. Any advice would be welcome. Of course she could always keep quite for a few years until the early repayment penalty no longer applies, but she does not wish to do something wrong.

sammyjammy

Is the property currently empty?

[Deleted User]

Personally if i was in this situation i would move in to the property and remortgage when the erc expires.  Lender isnt exactly going to call the loan in when mortgage payments are being made.  
No one at the lender is likely to officially tell her to do it but in the real world, safe housing is a top priority.

lonibra

Deleted_User said:

Personally if i was in this situation i would move in to the property and remortgage when the erc expires.  Lender isnt exactly going to call the loan in when mortgage payments are being made.  
No one at the lender is likely to officially tell her to do it but in the real world, safe housing is a top priority.

I agree with this. It's a difficult time for your daughter and while it's all well and good that she wants to do it right, it'll be easier all around to move back in, keep up with the payments and then reassess your options once she's in a better place.

dickturbo

Many thanks for everybodies advice, so far.I think it's very good practical advice too, dickturbo (worried dad)