Consent to let expiring before new mortgage in place

Kiki2023

Hi,

We left the UK 2 years ago and obtained 2 years' consent to let on our house, up until the end of the mortgage term. We have 3 tenants in our house.

We contacted a broker 6 months ago about arranging an expat buy to let mortgage. The bank we are going with has been experiencing severe delays and as a result the remortgage process is still not finished. 

This means our current mortgage will revert to a residential mortgage while we still have tenants in. Hopefully the remortgage process is very near the end, so this situation would only be for a few weeks.

My question really is should we keep schtum to our current mortgage provider and hope it flies under the radar, or call to discuss the situation with them? My worry is that if we call we're going to be unnecessarily sticking our heads above the parapet. But I also know that we have good evidence that we engaged with a broker in as timely a manner as we could, and the delays have not been our fault. 

Would appreciate any suggestions or people that have been in similar situations! Thanks 

MWT

Kiki2023 said:

...But I also know that we have good evidence that we engaged with a broker in as timely a manner as we could, and the delays have not been our fault. 

That will be completely irrelevant to your lender, so don't rely on that as a justification or excuse.

I would do everything you can to get the new mortgage ready, if not in time as soon after as possible.

silvercar

I would keep quite, why ask for problems. You already have a residential mortgage, all that happens is that the consent to let will lapse. Nothing much the lender can do. Worst case is they threaten to repossess, but that would take many months. Or they call in the mortgage, but you will have re-mortgaged by the time that happens.

If they do contact you, you can tell them you are transferring your mortgage elsewhere. All they will say is please get on with it.

jj_43

3 tenants? Is it an HMO?