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zara3562

mortgage advice please xx

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hi all, was hoping to pick some bodys brain on this one x i currently have a rubbish sub prime mortgage with db uk and it is extortionate. Due to the cost and various other things i found myself in a situation where i was struggling with the mortgage(it was always paid on time though) i took the decision that i would benefit from renting a new home and therefore renting my property out. this was in may 2009. Mays mortgage payment was due on the 30th and due to circumstances i cancelled the dd with a view to paying on debit card a few days later. Those few days took longer than anticipated but i paid the full mortgage amount and some interest which had accrued due to non payment on 18th June. yesterday my tenenat called me up to tell me that somebody had been reound to the house and posted a hand delivered letter for me. I contacted this person whi wished to discuss my arrears. I advised him of the situation(that i had paid on 18th not that ive rented the property out) and he said ok i will look into it. He did tell me that one of my neighbours had informed him that i no longer liver there and i was renting the property out. I attempted to side step this by saying i did infact live there but not at present because house was being done up which is true to the extent that there are decorators in the property. Iam now really worried about my mortgage company finding out im letting my house out and the implications that will follow. I have had this mortgage for 2 years and have never missed a payment and only ever made the recent may payment late. Can anyone advise me as to what I should do and the repoccussions may be of my lender finding out?

Thanx Zara


xxx zara xxx

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All lenders specifically exclude the right in the legal charge to let the mortgaged property. If you let the property without permission from the lender, you are effectively in default. In most cases, people who let out their properties remain undetected. You have been "unlucky". You should approach your lender and advise them of the position because they know. I would think they will contact you and state that you are in breach and that new conditions will apply, like a higher rate of interest. They will review a request on letting the property on individual cases merits.

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thankyou for your advice zander


xxx zara xxx

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