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Buy to Let Mortgage problems.... not mine. Advice appreciated....

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Hiya folks...

 

A friend of mine has had some ongoing problems for quite a while and it's out of my comfort zone, so any advice would be appreciated.

 

Ok... her son bought a cottage some time ago and rented it out to his mum (my friend). She's been living happily in the cottage for a number of years but some time ago, a man knocked on the door and began asking questions. To cut a long story short, she later realised that she may have dropped her son in it by confirming that she was his mum and he'd let the property out to family. Apparently he wasn't meant to do this.

 

From what I can gather, he was offered a lower rate on the mortgage (or some other benefit) but it was made clear in the contract (allegedly) that he must not let the property out to family. She is mow worried that they'll come along and force the sale of the property.

 

I've tried to explain that it's not as simple as that and there are procedures to go through, etc... All mortgage payments are up-to-date by her son... so this is not the issue, but I'm assuming that the mortgage provider has decided to start action against her son for the recovery of outstanding monies under breach of contract.

 

As the son lives in London, I don't know him and even if I did, he might just see me as a nosy old bag ayway.... but I need to try and understand this one a little more and if there's any chance of her having to leave the house so that non-family tenants can move in instead.

 

This lady is a lot older than me; in her mid-late 60s, with a heart condition. She receives Attendance Allowance and is not in the best of health.

 

Any help would be appreciated... thanks... :-)

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B*gger!! Thread title should say "advice"... not "advise".... Hope one of the mods can change it.... lol :!:

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No thoughts from anyone??!!

 

:-(

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Hi there, did she admit she was renting the property from her son? If not, then there is nothing wrong with his mum living in it while he is in London "looking after it". I wonder what prompted the visitor asking questions?


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Hi there, did she admit she was renting the property from her son? If not, then there is nothing wrong with his mum living in it while he is in London "looking after it". I wonder what prompted the visitor asking questions?

 

Thanks for replying Ell-enn.. :-)

 

Yes I think she has admitted it.... she's too trusting for her own good and would have thought nothing of it. Her son does live and work in London actually but has his own property there with his family. I'm not sure what prompted the visitor.... but it sounds like a typical scenario where someone tips off someone but to do that, they'd have to have details of the mortgage company that he's gone through surely?.

 

Very odd...

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It is odd, I guess you'll just have to wait and see if anything comes of it and we can look to deal with it then.


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Hi P1

 

The only concern of the mortgage company would be if she had a legally binding lease,this would or could cause a legal threat to their security in the property.

If she is simply paying her Son to rent it without a lease and the money is for the upkeep ie Gas Elec Water Rates etc then there is nothing really the mortgage company need worry or know about.That is an informal arrangement between Mother and Son and not legally binding or protecting her as a Tenant.


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"he was offered a lower rate on the mortgage " Is this a buy to let mortgage or a normal mortgage. Surely there would be a larger rate for renting out so the lender might be wanting more money. Are we in Fraud territory here?

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Thanks for replying everyone.... :-)

 

Like yourselves, I can't really see the big issue over this on the face of things.... as the mortgage company are getting their money. I've also questioned (to myself) being told that the mortgage company offered the son a lower rate even though it was a buy-to-let mortgage.... so I'm wondering what the son has actually told his mother and what is fact and fiction here as well.

 

He has a family home in London... and owns this other property that she lives in. As far as I'm aware, there's a mortgage on both properties... but there was no problem over the son letting it out as long as it wasn't to family (so the story goes). Is this a common thing? I would have thought that any rent would be more reliable if it was coming through family, although I know that some families are less than ideal.

 

The other factor could be if she's claiming Housing Benefit.... which would be going to her son. Would this be allowed? If it's not allowed, then surely it would be the Council noseying around and not the mortgage company? This guy was not from the council though. Also, if she's claiming HB, then I assume she'd need to have a lease of some kind.

 

Apparently, solicitors are involved and she's told me that they could take the property back!

 

Confused.com... lol

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B*gger!! Thread title should say "advice"... not "advise".... Hope one of the mods can change it.... lol :!:

done


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