Mortagage Predicament Increase Advice

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    Mortagage Predicament Increase Advice

    Hi

    I took a mortgage on a property that I bought however was not going to move in until 10 months later. I got some tenants private did not let mortgage provider know (i know sneaky).

    However they sent me a letter saying they are increasing my interest rate as they think I am letting the property out and that they sent me some letters to the property address and I did not respond to them (The rent guy did not give me any letters think he just binned them the knob). The increase is due to take place on 5th April however the tenants in there are leaving on the 2nd April and I am moving in then. Having spoken to someone on the phone today they said if I can provide proof via a Council tax they will stop increase but this was just an adviser the letting department is not around until Monday.

    I just blagged it I am getting some work done at the house hence me not checking the post.

    I have a council tax bill when i first got property which shows the overall payment for the full year till end of March. Could I show this or would they be able to check who is on electoral roll for my address currently which will not match up?. The problem is the council tax name was changed to tenant living in property when they moved in 8 months ago. Can they check that this is not the current name on electoral roll?

    Or would I be better off leaving it and then when I get my council tax bill letter for when I move in 2nd of April I can show this and this will be in my name? and then sort it this way?

    Anyone advise?

    Before anyone says I should have let mortgage provider know I know this was only going to be a short let and could not be asked changing over etc.

    Need some quality advice as to what the best steps would be for me. Cheers

    Faizal

    #2
    Originally posted by faisalpandu View Post

    However they sent me a letter saying they are increasing my interest rate as they think I am letting the property out and that they sent me some letters to the property address and I did not respond to them (The rent guy did not give me any letters think he just binned them the knob)
    Unlucky. When committing mortgage fraud/breach of mortgage conditions you should really involve as many people as you can in the whole charade, this obviously includes any innocent parties that you come across aswell. Knob is a good description although not entirely attributed to the hapless person you let the house out to.
    "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

    What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

    Comment


      #3
      Anyone can search the local public electoral Register free of charge. Whilst people only have to re-register once a year around Nov, it is updated 3-4 times a year.
      Unless you want your mortgage cancelled, then fess to renting for 10 months and pay the penalty, rather than compound the fraud by lying.
      What other LL duties did you 'overlook'? and saved money on a mail re-direct!

      Comment


        #4
        Your tenant may be viewing this thread. Such a great description

        Dd you expect your tenant to stick to his contract with you (eg pay the rent) ?

        Understand at least one property has been repossessed in such circumstances.

        Experian have a service for lenders to spot actions such as yours.
        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

        Comment


          #5
          You will be better off admitting your guilt and paying what needs to rectify your situation. If the tenant has been paying the council tax, how are you going to prove you have paid it. No doubt the council refunded part of your portion last year.

          Comment


            #6
            It's really not worth trying to fight this. Apologise to the mortgage company for your "innocent" error, pay the correct rate for the period you had a tenant (they're going to find out, so don't try to crawl out of it any further) and then inform them when you genuinely do move back. Do that now and they will hopefully put you back on the residential rate from April. Argue any further and you could lose the mortgage.
            IANAL (I am not a lawyer). Anything I say here is just an opinion, so should not be relied upon! Always check your facts with a professional who really knows their onions.

            Comment


              #7
              Originally posted by faisalpandu View Post
              Need some quality advice as to what the best steps would be for me. Cheers
              Quality advice here... you are an idiot and a fraudster. I suspect that you didn't know this, so it's quality advice.

              Comment


                #8
                Originally posted by Hippogriff View Post
                Quality advice here... you are an idiot and a fraudster.
                Don't forget one of the sneekyest sneeksters he knows.

                Originally posted by faisalpandu View Post
                (i know sneaky).
                "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

                What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

                Comment


                  #9
                  Sneaky implies doing something in a clever way, which is not how I would categorise lying to a mortgage provider.

                  It seems I don’t need to remind people of the forum rules and that offering advice which is deemed illegal can be a serious breach.

                  So this thread will not provide the answers the OP wants.
                  I also post as Mars_Mug when not moderating

                  Comment


                    #10
                    Originally posted by Moderator2 View Post
                    Sneaky implies doing something in a clever way,
                    Correct. Using your own full name as a use name on an open forum doesn't inspire confidence.
                    "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

                    What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

                    Comment


                      #11
                      Originally posted by Wannadonnadoodah View Post
                      Unlucky. When committing mortgage fraud/breach of mortgage conditions you should really involve as many people as you can in the whole charade, this obviously includes any innocent parties that you come across aswell. Knob is a good description although not entirely attributed to the hapless person you let the house out to.
                      Classic! Well said!
                      IMPORTANT NOTE: If you take any advice given/follow any course of action suggested by me in this or any other post, you do so entirely at your own risk. You must assume that I am not professionally qualified in any particular topic under discussion (and therefore my posts are purely my opinions) unless I explicitly state otherwise.

                      Comment

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