Kate123 Posted October 8, 2013 Report Share Posted October 8, 2013 I moved out of my house in 2011 and rented it out but wasn't aware that I needed lenders permission to let (I have a residential mortgage). I found out I needed consent to let this summer and am in the process of changing to a buy to let mortgage with another lender to rectify the situation. I am worried that if I tell my current residential mortgage lender that I have rented the house out without permission then they will back-date the consent to let fees to 2011 and I don't have any money to pay this. My questions is whether my new mortgage company will check with the previous residential mortgage company to see if I had consent to let before they authorise my new buy to let mortgage, or will I just get my new buy to let mortgage and then be able to pay off the old residential mortgage. It was a genuine mistake on my part and I'm not sure what to do now. Link to comment Share on other sites More sharing options...
Richlist Posted October 8, 2013 Report Share Posted October 8, 2013 My questions is whether my new mortgage company will check with the previous residential mortgage company to see if I had consent to let before they authorise my new buy to let mortgage Don't know but I think its extremely unlikely Link to comment Share on other sites More sharing options...
Kate123 Posted October 8, 2013 Author Report Share Posted October 8, 2013 Thanks for your reply - that's reassuring. Just panicking as I'm currently in breach of my mortgage T&C but am in a sticky situation as (much as I would like to be honest about my mistake) I cannot afford to tell my lender as I have no money to pay any back-fees. I'm trying to sort it out by getting the BTL mortgage, some of which will presumably just be transferred to pay off the old residential mortgage and all will be okay. Link to comment Share on other sites More sharing options...
Richlist Posted October 8, 2013 Report Share Posted October 8, 2013 The solicitor appointed to handle the remortgage will ensure the existing mortgage is 'redeemed' on the date the new mortgage starts. Any shortfall in monies required to clear the old mortgage is likely to result in you not getting your new mortgage as you will not be alloed to have two loans on the one property. Link to comment Share on other sites More sharing options...
Kate123 Posted October 8, 2013 Author Report Share Posted October 8, 2013 Sorry, I meant that I am borrowing a bit more with the BTL mortgage than I need to pay of the old mortgage, so there will be enough to pay off the old mortgage and a little extra to redecorate the rental property etc. thanks. Link to comment Share on other sites More sharing options...
Melboy Posted October 8, 2013 Report Share Posted October 8, 2013 Keep quiet about it. If you flag it up then of course your mortgage company will take action against you. In theory they shouldn't find out about it but be prepared for some questions, perhaps over the phone. Link to comment Share on other sites More sharing options...
Kate123 Posted October 8, 2013 Author Report Share Posted October 8, 2013 Thanks Melboy. hopefully the BTL mortgage will come through very soon with no questions asked and the old mortgage will be paid off and forgotten about - fingers crossed. This will teach me to read the small print Link to comment Share on other sites More sharing options...
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