Mortgage renewal

MWT

Erbee said:

Basically because the agreement signed in 2022 does not stipulate anything other than 2 year fixed and then variable for the following tears. There is no conditionality included in the agreement

... you said...

Erbee said:

2 Years ago he received consent to let, The bank said that after the two years it would need to be buy to let. The mortgage agreement or amendment when he took the two year fixed does not mention this. Simply that it is two year fixed and then variable rate thereafter

These are two separate issues.

They gave him consent to let for two years which has now expired and they reasonably expect him to change to a BTL mortgage as agreed.

Separately he took a 2 year fixed rate.

The two are not connected.

ACG

Erbee said:

Basically because the agreement signed in 2022 does not stipulate anything other than 2 year fixed and then variable for the following tears. There is no conditionality included in the agreement

But you were told what would happen after the 2 years.
You entered a contract, whether that was verbally over the phone or in the mortgage offer or a seperate letter - it was still a contract. 

You agreed something, you took the terms whilst you were happy with them and now you dont, you want to argue on a technicality? You choices are accept what was agreed or make a complaint (which will be rejected) and then take it to the ombudsman. Sit on SVR for 6 months. If you lose you have wasted however much money. If you win, great. But I dont see how you could as its you wanting to alter the agreement, not the lender. 

DE_612183

When tghey said they "can't renew his mortgage" - are they saying they are withdrawing the existing product - or are they saying if he want's to re-mortgage they can't offer him anything?

As with all finance it's at the lenders discretion to at anytime revoke the agreement and ask for settlement.

ACG

DE_612183 said:

When tghey said they "can't renew his mortgage" - are they saying they are withdrawing the existing product - or are they saying if he want's to re-mortgage they can't offer him anything?

As with all finance it's at the lenders discretion to at anytime revoke the agreement and ask for settlement.

They do have the right to withdraw the full mortgage. Ultimately the mortgage is a residential mortgage and they are not residing in it. The lender could give whatever their terms are (30/60/90 days) and call in the loan. I doubt they are doing that at the moment as it would just lead to bad blood.

DE_612183

ACG said:

DE_612183 said:

When tghey said they "can't renew his mortgage" - are they saying they are withdrawing the existing product - or are they saying if he want's to re-mortgage they can't offer him anything?

As with all finance it's at the lenders discretion to at anytime revoke the agreement and ask for settlement.

They do have the right to withdraw the full mortgage. Ultimately the mortgage is a residential mortgage and they are not residing in it. The lender could give whatever their terms are (30/60/90 days) and call in the loan. I doubt they are doing that at the moment as it would just lead to bad blood.

Yes, I agree - it's just not clear what ultimatum has been made