mortgages please help?????????????

[story_teller]

is it illegal for my landlord to let out his property on a residential mortgage or does he have to have a buy to let mortgage??????

[CheekyChops]

It's not actually illegal but his lender might not be very happy about it.

[redcrx]

they may be aware that he is letting it and still be happy for him to have his normal mortgage.

Mine didnt demand a BTL when i asked them about renting out my flat

[R1Geezer]

It's not a legal situation.

The lender may well have rules about it but that's nowt to do with the law.

[fredpuli47]

As said ,it's not illegal. The mortgage might contain a term prohibiting it or might have one saying that the lender's consent is required or it might not. Any lender's principal concerns are that the mortgage be paid and that the property, which is the security, is not adversely affected as to value. A letting might go some way to ensuring that the mortgage is being paid ! Tenants who might damage the structure or otherwise affect the value of the security, are another matter, of course.
A buy-to-let mortgage would be a rare thing now.Before these existed, landlords often had 'ordinary' mortgages and used to let their properties without fuss.

[cassa333]

Does it bother you if he does or doesn't?

I would have thought his finacial arrangements have nothing to do with you!!

[redcrx]

cassa the other thread is in chatterbank. I think story teller has been told by the mortgage company that the property is about to be reposessed.

[story_teller]

cassa if you have nothing 2 type then dont bother wasting your time ******* moron