Can my mortgage lender load the interest rate I pay?

Posted on 2 October 2012 by Les

I have split from my wife last year, the mortgage is in my name only. She still lives in the propery with our 2 sons aged 9/12 the mortgage company are forcing a levy on me for a buy to let mortgage because I don't live at the propery, can they do this even though she is still my wife and my kids live at the property?


You will need to refer to your original mortgage offer and the terms and conditions that came with it.  I suspect that you will find a clause saying that they reserve the right to increase your mortgage interest rate if you no longer live in the property.  This levy is usually charged to reflect the increased risk of damage to and insufficient maintenance of the bank's security which occurs when the owner is not in permanent residence.

If you are in any doubt, I suggest that you take independent legal advice and I have referred your enquiry on to our in house solicitor's Rollingson's.  A representative from their property law department will be in touch with you before the end of this week.


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