Questions and Info relating to Property Issues inc, Charging Orders and Repossession

Moderators: TalbotWoods, JaneClack

By chelsea40
#303433 For a number of years we struggled with our mortgage payments (mortgage with GE Money), anyway eventually after months of them not offering any solutions (I was out of work for several months so our income had reduced), we got our arrears capped. However, the mortgage was still too high for us to pay and live as well, so I got offered work away from home, and the best solution was to rent out the house.

We have been renting out for a year and were advised not to inform GE as under the terms of our mortgage they do not allow rental. However, they have found out and not sure what is going to happen. The house is in negative equity if we sell, so its a catch 22 as it is for others I am sure.

Can anyone offer any advice?
Thank you
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By JaneClack
#303483 Who advised you not to tell your lender?

All mortgage lenders tend to have this in their contracts as interest rates on buy to let mortgages (ie not for your main home) tend to be different.

If the mortgage is being paid then I think you may find that the mortgage interest rate may be increased as you are not living there. If the mortgage is being paid and it is not in negative equity then I cannot see them going for repossession.