Posted on 6 May 2012 by David
I have a interest only mortgage with Mortgage Express/Govt. owned now-
I'm told that I can't rent the property out long term. Can this be challenged? My monthly repayments are approx 330 pounds & could rent the property for 1000 pounds monthly. Thankyou
Mortgage Express are not under any obligation to let you let the property and will consider each application on it's own merits. If you are not happy with their decision you can challenge it by using their complaints procedure which can be found at: http://consumer.bbg.co.uk/en/site-services/complaints.aspx
You may not be aware that Mortgage Express are currently waiving any Early Repayment Charges that would have been due and this means that you can consider remortgaging on to a Buy to Let mortgage with another lender. You would have to weigh up the pros and cons of the new mortgage rate compared with your existing deal, but this could offer you a way out of your current dilemma.
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