BTL mortgage contract.

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    #16
    Originally posted by justaboutsane View Post
    Oh well... my boss would be up sh1t street then if Paragon and CHL decided to check up on that clause!! ALL my bosses mortgages are with these companies and we have 75% of our tenants on HB!!!!
    Begs the question 'how would they ever know?'

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      #17
      Originally posted by Colincbayley View Post
      Begs the question 'how would they ever know?'
      This comes to light, typically, when the mortgage payments fall into arrears (eg because HB payments from local authority are late or reduced or terminated due to fraudulent claims or whatever). Mortgagor L strapped for cash and over-extended in debt simply defaults, and mortgagee then learns why. It obtains an Order for sale, only to discover a house full of unknown sub-tenants. Wasn't there a recent and rather distressing post from such a sub-tenant being evicted by her L's mgee?
      Or same mgee is lending on adjoining/nearby property and has v. efficient record-keeping (eg original loan on no. 9 which has been unlawfully sub-let, new mge valuation on no. 11, valuer - maybe the same valuer as before- comments on defects at neighbouring house or tenant-caused damage to party wall, and mgee puts 9 and 11 together).
      JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
      1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
      2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
      3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
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        #18
        Just check mine the birmingham Midshire one states:

        "tenants in the following categories are not acceptable: studants, tenants who are clainming housing benefits, rent rebate or rent allowances, asylum seekers, persons who have or acquire diplomatic immunity, social landlords (such as housing associations) hoilday lets, rent Act protected tenants, or agents of any of these"

        i've had a HB tenent in for over 8 month shes good as gold and never caused a problem or had a missed payment.

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          #19
          I don't think we should knock HB tenants to much, it is the person after all that we base our views on, not just their 'Hard luck'

          I've got plenty of HB tenants ( Some with the mortgage lenders already mentioned ) and they are great people, some of which are having a hard time.

          I much prefer to judge the person together with their financial situation rather than just side step all HB tenants.

          At the end of the day we wouldn't all just 'except' a tenant just because they had a high salary!

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            #20
            I've said this before and I will say it again, I was once an HB tenant. I was a single mum and without private landlords would have been stuck at my Mum and Dads as the council REFUSED to house me! I maintained my tenancy of a house in Notts while I began my move back to the South West, I went about it the right way and applied for a swap but they refused me!

            Then I read in the paper about assylum seekers jumping the social housing lists.

            I think its time these Mortgage lenders got with the times. As previously said we have about 75% of our tenants on HB... and the ones who default most are those that WORK!!

            We have 2 evictions in process and both tenants are in full time work!!!
            GOVERNMENT HEALTH WARNING: I am a woman and am therefore prone to episodes of PMT... if you don't like what I have to say you can jolly well put it in your pipe and SMOKE IT!!

            Oh and on a serious note... I am NOT a Legal person and therefore anything I post could be complete and utter drivel... but its what I have learned in the University called Life!

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