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Residential to Landlord mortgage


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Can anyone advise please? Have a normal mortgage, no problems, left a few years ago due to a previous partner and I was scared so I rented the property out privately, thinking I would go back eventually and it would only be a temporary situation, I should have changed the mortgage over at the time to landlords mortgage but I know this sounds daft but the time just went on and now I believe I never will return there to live, but my problem is although I do want to change the mortgage, will the mortgage company want all the back payments of the 1% extra interest which would have been the extra I would have been charged?

 

I feel in a no win situation and even though I want to do it right I'm worried what the mortgage company will do if I tell them.

 

Any constructive advice would be appreciated.

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Realistically, as long as you don't ever get into arrears, the mortgage lender is unlikely to find out because they'll probably never have any reason check. Obviously you'll need to have your statements sent to the property, if they have to post them at all.

 

However, you run the small risk of your tenancies being deemed illegal if you end up in a dispute with your tenant, because you haven't obtained the permission of your lender to grant tenancies. I should think your tenants would have to call this into question though and even then, it would not be in the interests of justice for it to be declared void just for that reason. A particularly clued-up new tenant might ask to see the permission you don't have, and so would a proper agent.

 

If they lender did find out then, in theory, they could claim damages based on your original mortgage contract. This might be based on any fees they would otherwise have charged, and any difference in interest rate. Whether they'd actually take you to court and win is anybody's guess (has anyone heard of this?).

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