The Mortgage Works

hlane1

Our original self cert mortgage taken out with The Mortgage Works in 2007 now seems to have morphed into a Buy To Let mortgage sometime in the intervening years without telling us. We have seen online that it is possibly illegal for us to reside permanently in the property with a BTL mortgage so have we been put in a position of illegality by TMW?
Has anyone else had the terms of their self emp self cert mortgages changed in this way?

MWT

Have you actually seen any paperwork to that effect or is this still just on the basis of a possible poorly informed employee on the phone as per your other thread... ?

https://forums.moneysavingexpert.com/discussion/6456181/buy-to-let-but-didnt-know-it#latest

hlane1

I do have the original 2007 Key Facts paperwork

Mortgage Lender - TMW
Mort Product - S19006 Self Cert, Employed/Self Employed

I also have a letter from TMW dated April 2007 confirming our application had been approved, and offer documentation was enclosed, but at the moment l can't find that, which is why l am trying to get a copy from TMW.

It has only been just over a week since l emailed and phoned them to get the paperwork, and l think i need to wait 14 days to elapse before i can complain/chase it up.

I note on another post that a similar thing has happened to someone else since their domestic mortgage, taken out originally with Derbyshire Home Loans, was transferred to TMW and converted into a BTL. They also state they didn't receive any advice

amnblog

If the product code starts with an S, it is a residential product (they call it Legacy Residential).

Do not get bogged down in the fact that today, The Mortgage Works only do BTL  borrowing.

It is Legacy Residential if the product code starts with FS, P, PC, D, E, F, G, H, L, M, N, NP, S, SC, SE, SH, SL, SM, SN, or SP

hlane1

Thankyou amnblog for your information. I now need to find out if the original contract for our mortgage allows us to sell off a small part of our land for a building plot, as currently TMW are refusing to give permission. We do intend to pay off most of our interest only mortgage with the proceeds, leaving us with a smaller balance going forward. Currently they are insisting that as a BTL mortgage holder, it is not allowed under t&c's.

MWT

hlane1 said:

I now need to find out if the original contract for our mortgage allows us to sell off a small part of our land for a building plot, as currently TMW are refusing to give permission.

As per your other thread, the residential mortgage will be no different in that respect, you always need the lenders permission to sell off part of the property, and they have no obligation to agree, which is why a remortgage has been suggested...

penners324

Haven't you fixed or remortgaged in the last 16 years?

hlane1

No penners324 we have had the same product continually. I think l will have to do as advised on my other thread, Wait until the cash is ready for the sale plot, then remortgage to pay off what is left on TMW loan. I think a solicitor and broker working together should be able to do that?? Any advice would be appreciated.

silvercar

hlane1 said:

No penners324 we have had the same product continually. I think l will have to do as advised on my other thread, Wait until the cash is ready for the sale plot, then remortgage to pay off what is left on TMW loan. I think a solicitor and broker working together should be able to do that?? Any advice would be appreciated.

Sounds a good plan. It’s effectively what people do when move - clear one mortgage and take out a new one at the same time. Yours is only slightly different in that it is property that you already own.