• I May Be In Breach Of My Mortgage...

    By Guest on 20th Dec 2016

    I have let my property out through a proper letting agent. I have fulfilled all the criteria i.e. I have a landlords license in place and have all the certificates of safety. My mortgage lender has been informed. I have been told that I am in breach of my mortgage contract. What can happen to me now?

  • 1 Answers

    By Guest on 20/12/2016

    I'm assuming that you have an owner-occupier mortgage rather than a buy to let mortgage? If that's the case then worst case scenario your lender could demand repayment of the mortgage in full immediately (which inevitably usually leads to the property being repossessed) but realistically as long as you are keeping up with the payments there's no benefit to your lender in doing that. Instead they may insist you switch to a buy to let mortgage product, which might mean a higher interest rate.

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