Having subsidence investigated, do I need to tell my mortgage company?

Any mortgage advisors here who can let me know the answer to this, it would be much appreciated!
I'm having minor subsidence currently investigated, some drainage issues fixed, monitoring for a year, and then hopefully getting subsidence cover reinstated on my home insurance after a certificate of structural adequacy is provided by my structural engineer.
Do I need to tell my mortgage company? And am I able to book another fixed rate with them, or do I need to stay on a variable rate with them when my rate expires in the summer? (I know I won't be able to remortgage with another company).
Or, am I in danger of my home being repossessed and immediately evicted because the terms of my mortgage (santander) advise I need to have subsidence cover on my insurance all the time. Thank you, this is causing me a lot of stress and I can't find the answer. 

Comments

  • user1977
    user1977 Posts: 13,336
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    If they repossessed, that would mean the uninsured, subsiding property then becomes their problem! Very unlikely they'd want (or be allowed) to do that.
  • ACG
    ACG Posts: 23,621
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    So long as you already have a mortgage with them and keep up your repayments they are no worse off and do not need to be notified. 
    If you were switching to a new lender, they would need to be notified (and would probably hold off on allowing you to complete).  
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG said:
    So long as you already have a mortgage with them and keep up your repayments they are no worse off and do not need to be notified. 
    If you were switching to a new lender, they would need to be notified (and would probably hold off on allowing you to complete).  
    Thank you very much ACG, what about booking another fixed rate with them when mine expires over the summer if I log on online to book. At that point would I be breaching it to the point of them asking for an immediate repayment of the whole mortgage or something? I'd prefer to not be stuck on a variable rate forever.
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