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  • FIRST POST
    • the_logician
    • By the_logician 16th Apr 19, 4:14 PM
    • 2Posts
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    the_logician
    Borderline harassment from lender
    • #1
    • 16th Apr 19, 4:14 PM
    Borderline harassment from lender 16th Apr 19 at 4:14 PM
    Hi all,

    I purchased a house 12 years ago - at the time my credit record wasn't exemplary and I had to obtain a mortgage from a sub-prime. To this day, I have not missed a single payment (and my credit rating is top - hoorah). Anyway, the original lender sold on the mortgage to another firm quite a few years ago.

    I bought the house to stop my parents being evicted and the house being repossessed for non-payment of the mortgage they had. I then had to inform the new (current) mortgage lender that they were tenants so the mortgage could be changed to buy-to-let, etc. All done above board. They have since written to me every six months asking me to confirm the tenancy is ongoing.

    In November my parents moved out and I have been modernising the house to put it up for sale. This took until March, and every month the lender was writing to me asking for an update on the work, when it was going up for sale, etc etc.

    Now that the house is up for sale, they have presented me with a form to fill out which allows them to contact the estate agent to discuss progress, how much the house is up for sale for. They have stated that NOT providing this authority is in breach of my mortgage T&Cs. I'm not at all comfortable with this. Has anyone been through this before? The house is up for sale for more than the outstanding mortgage, so when it goes it'll wipe that debt out. My first instinct is to push back hard and ask for a copy of the T&Cs, specifically what I'd be breaching, but if it's a typical thing then I'll just fill it out and send it back.

    Thanks for your advice.
Page 1
    • Browntoa
    • By Browntoa 16th Apr 19, 4:16 PM
    • 34,806 Posts
    • 40,840 Thanks
    Browntoa
    • #2
    • 16th Apr 19, 4:16 PM
    • #2
    • 16th Apr 19, 4:16 PM
    Just sign the paperwork , what harm does it cause them being able to ask the agent for updates ?
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's , Boost your income and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • silvercar
    • By silvercar 16th Apr 19, 5:27 PM
    • 38,874 Posts
    • 162,327 Thanks
    silvercar
    • #3
    • 16th Apr 19, 5:27 PM
    • #3
    • 16th Apr 19, 5:27 PM
    When is your mortgage end date?
    • the_logician
    • By the_logician 16th Apr 19, 5:41 PM
    • 2 Posts
    • 0 Thanks
    the_logician
    • #4
    • 16th Apr 19, 5:41 PM
    • #4
    • 16th Apr 19, 5:41 PM
    I'm not sure of the exact date, but it'll run to the end of its term in about 12 years or so (i.e. it'll be paid off if I keep paying instead of selling the house).

    If you mean when the deal is up, it's been on a variable for a long time. They tried to get me to renew last year (with an ultimatum: renew or we won't allow you to rent the property out anymore - I chose to sell it). Part of me thinks they're not making enough money off it, so they're trying to twist my arm.
    • JayRitchie
    • By JayRitchie 16th Apr 19, 7:05 PM
    • 91 Posts
    • 111 Thanks
    JayRitchie
    • #5
    • 16th Apr 19, 7:05 PM
    • #5
    • 16th Apr 19, 7:05 PM
    Thats not harassment. Ask them for a copy of the T+Cs if it makes you feel better - they won't think its an unusual question.
    • Thrugelmir
    • By Thrugelmir 16th Apr 19, 8:59 PM
    • 62,865 Posts
    • 55,837 Thanks
    Thrugelmir
    • #6
    • 16th Apr 19, 8:59 PM
    • #6
    • 16th Apr 19, 8:59 PM
    They tried to get me to renew last year (with an ultimatum: renew or we won't allow you to rent the property out anymore - I chose to sell it).
    Originally posted by the_logician
    Renew what precisely?

    Was an exception made due to the fact it was your parents in residence.
    "The most dangerous thing is to buy something at the peak of its popularity. At that point, all favourable facts and opinions are already factored into its price and no new buyers are left to emerge." - Howard Marks
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