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Retrospective buy-to-let charges

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  • Retrospective buy-to-let charges


    I live overseas and we rent out our house in the Uk (which we previously lived in and we may return to someday), the mortgage company we are with is being merged into a bigger company. We are not on any buy-to-let mortgage rate at the moment.

    We are a bit concerned that if we go and try and remortgage the new company may not only move our current mortgage to a higher buy-to-let rate but also retrospectively charge as a higher rate for the years we have let our property.


  • #2
    Re: Retrospective buy-to-let charges

    I have never heard of a mortgage company (MC) charging retrospective fees and I have known of a couple of people who got caught out.

    You should really have the correct mortgage product for your situation but many people don't.

    If the MC suspect the property is rented they may send someone out to the property and talk to the occupiers. One person I knew got caught because he didn't have his mail re-directed and it was getting returned to sender and or not replied to.

    The implications for the tenancy if you have the incorrect permission's means the MC can evict the tenant in a different way and get them out quicker if they ever had to re-possess. If they had to re-possess and you had the correct permission the tenant can stay for at least the length of the fixed term on the contract (ast) and pay any rent to the MC.

    You could just look around for the best product to suit you and re-mortgage.


    • #3
      Re: Retrospective buy-to-let charges

      The old mortgage company knew we were a letting the property from the start - but did not change our rate. We are just unsure what the new bigger mortage company will do as they have a policy of adding 1.5% onto the standard rate.


      • #4
        Re: Retrospective buy-to-let charges

        Totally agree with Rigsby...that i also haven't heard of a mortgage company (MC) charging retrospective fees and I have known of a couple of people who got caught out.