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 My mortgage lender is asking if i am letting my flat? (I am letting it and I don't have a buy to let mortgage)?

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mathilda555



Posts : 124
Join date : 2011-07-01

PostSubject: My mortgage lender is asking if i am letting my flat? (I am letting it and I don't have a buy to let mortgage)?   Tue Feb 14, 2012 9:32 am


Hi I am a nationwide mortgage customer, I am on my 3rd year of my current policy (5.75% interest 20 year repayment mortgage), I was a nationwide customer before this on my initial 2 year policy where i paid just 4.65% interest. I have never missed a payment and am an excellent customer. The problem is that I have been letting my flat out and my mortgage isn't buy to let, when i signed up for the policy i didn't intend to let it.
I just received a letter from nationwide saying I must pay an extra 1.5% interest each month (around 75 pounds extra) and a 50 pound arrangement fee. I am very scared that the 1.5% extra can be backdated, this will be a huge problem as I am living abroad doing voluntary teaching work without a salary. This means I will be paying 7.25% interest each month, which i think is disgusting given the current recession. Please, Please help me. I am living in China, I am not earning and am stressed out from the depressing side of life in the UK.

Is nationwide legally allowed to find out how long i have been letting it for? am I obliged to give them all the information they ask?
will this affect the length of my mortgage term? (i have just 2 years out of 5 remaining on my current policy)

________

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My mortgage lender is asking if i am letting my flat? (I am letting it and I don't have a buy to let mortgage)?
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