crazyegg Posted July 30, 2014 Share Posted July 30, 2014 Hello all, looking for some advice please. We have permission to let from our current mortgage provider in the UK. We believe this permission to let period ends very soon (after 2 years), and we think we may have to move to a Buy To Let. But when we've asked in writing exactly when this period ends they're either very vague "when your permission to lend period ends" or what looks like a typo to me "a maximum of 12 years". They have/will not confirm a date. The point I'm trying to make is that the lender seems very slack and not sure of exactly when this date ends and when a buy to let is needed. It doesn't seem to be on their radar at all. There's been no definitive answer from them and the only people pushing the issue is us trying to do the right thing! So, the advice I need is what is the likely course of action from them if we ignore what we think is the impending deadline and don't be proactive in seeking out a Buy To Let. My feeling is that the worst that can happen is we get a further letter telling us the permission to let has expired and we have XX days to find a different mortgage or stop letting it. Am I realistic in that view or is there worse that can happen? Can they drop us overnight or impose some kind of penalty for not moving products? My view is that they'll simply serve us notice as a worst case and that's not much different where we are now in trying to do the right thing and switch to a Buy To Let in a short time frame. Be interesting in those with real life experience of this and whether you've all been completely honest or left your situation open/vague with any UK providers. Thanks in advance. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted July 31, 2014 Share Posted July 31, 2014 I'm so sorry I have no idea, this may be one for a property lawyer. Link to comment Share on other sites More sharing options...
Pumpkin Posted August 2, 2014 Share Posted August 2, 2014 I really would not be following this up again in your shoes, let them come to you now. I left my mortgage as a regular mortgage for four years after one quick conversation with my lender. My insurance was fine either way so I couldn't see the issue. Make sure your insurance is in order that is the caveat. Link to comment Share on other sites More sharing options...
crazyegg Posted August 2, 2014 Author Share Posted August 2, 2014 Thanks for the replies and good point re the insurance, I'll check. The ball is very much in their court as I see it and the only thing that's hurrying this along is the urge for us to do the right thing! If we did leave it now (hoping it's not on their radar) what's the worst they can do? Kick in their official process of insisting we shift products? If this really is worst case, I'm willing to take the risk of this happening because it's no different from where we are now. I've already written to letters but their replies are so vague. I'm tempted to phone them and ask for clarification but I'm worried I'm the one pushing things along to a situation I don't want :-) Any others have any experience of this? Link to comment Share on other sites More sharing options...
2and3 Posted August 8, 2014 Share Posted August 8, 2014 In this thread 4 years was mentioned http://www.pomsinoz.com/forum/money-finance/201784-australian-resident-seeks-uk-mortgage.html We have been on one for a bit over 2.5 years now. I get the impression when I rang them up a few times that the people don't really know themselves whats what. No hard and fast rules as such. Link to comment Share on other sites More sharing options...
Wen66 Posted August 14, 2014 Share Posted August 14, 2014 @crazyegg - did you have to fill in the consent to lease form? What did you say in the reason why you where renting out your property? If you don't mind me asking:-) Thanks. Link to comment Share on other sites More sharing options...
dmjg Posted August 18, 2014 Share Posted August 18, 2014 We filled out the paperwork saying we were following a dream of living in Australia for a few years and wanted to have the fall back of a property in the uk to cover a return. We then used the fact that the uk economy was so bad compared to Australia that we were better able to service the mortgage by staying in Australia. This kept them for another 3 years. After the fourth time that told us that we had one more year on permission to let and to find a buy to let. We couldn't find one for our mortgage of £45,000. It was too low for banks to want to care about us. We rang back a manager of our current mortgage with this info and were told that the mortgage provider has a duty of care towards us as a mortgagee so as not to leave us with nowhere to go. We had never fallen behind or missed a payment, or let it without permission, so they had nothing to cut us off with. To sweeten the deal we are paying about £100 per month more than we need to. This has held the issue at bay for the last two years; soon we will go with the 'it's only 25 grand, where else can we go, 5 more years and we will be finished with it completely.....' Link to comment Share on other sites More sharing options...
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