I have only just realized the pickle I have got myself into. And would like some advice.
In Jan/Feb 2021 I split up with my long term partner and moved out. My flat (which I lived in originally) which was previously let out to a tennant was empty and so I moved back in as I had nowhere else to go.
I am not an experienced landlord, the BTL mortgage on my property had been running 1 of the 2yr fixed term (previously I had consent to let, tennant was here 2 years).
I moved back in without considering any of the mortgagee implications. I was stressed from the breakup, stressed from covid lockdown and I just didn't have the mind to fully consider it.
Fast forward to now where I'm better and starting to think about next year's remortgage, I realise how I am in total breach of my mortgage terms and conditions, and have been since Feb.
I read online that they may immediately make me pay back the outstanding balance or repossess the property...that's scary.
So the question I have now is what the hell do I do. Do I call them up in the morning and explain the situation and hope they are merciful.
Do I quickly get another (residential this time) mortgage sorted out and get out of this BTL one early and hope they don't put 2 and 2 together?
Anyone got any experience with this and how the mortgage provider (TSB) are likely to react? Thankyou in advance.
In Jan/Feb 2021 I split up with my long term partner and moved out. My flat (which I lived in originally) which was previously let out to a tennant was empty and so I moved back in as I had nowhere else to go.
I am not an experienced landlord, the BTL mortgage on my property had been running 1 of the 2yr fixed term (previously I had consent to let, tennant was here 2 years).
I moved back in without considering any of the mortgagee implications. I was stressed from the breakup, stressed from covid lockdown and I just didn't have the mind to fully consider it.
Fast forward to now where I'm better and starting to think about next year's remortgage, I realise how I am in total breach of my mortgage terms and conditions, and have been since Feb.
I read online that they may immediately make me pay back the outstanding balance or repossess the property...that's scary.
So the question I have now is what the hell do I do. Do I call them up in the morning and explain the situation and hope they are merciful.
Do I quickly get another (residential this time) mortgage sorted out and get out of this BTL one early and hope they don't put 2 and 2 together?
Anyone got any experience with this and how the mortgage provider (TSB) are likely to react? Thankyou in advance.
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