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Mortgage Co''s permission to live in my own house

  • hattiedaw
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17 Jun 12 #337159 by hattiedaw
Topic started by hattiedaw
In the 3 years since I left my husband my son (young adult), my 2 dogs and me have moved from 1 bedsit to another. It has been horrific.
My husband damaged my credit rating so badly that I couldnt rent a house and even if I could have they wont take dogs so dodgy bedsits it had to be.
I moved 5 times in 2.5 years and almost drove me to have a breakdown.
As I said in previous posts my husband owns a lot of properties.
One of these properties was in my name also (not sure why, could have been a tax dodge etc) and so I asked my solicitor to give the tenants notice as I wanted to move into it. Also found out that the tenants were paying my husband (with his consent) 50% less than market value rent! They were getting a beautiful house for next to nothing!
The tenants moved out (albeit grudgingly) and my son, me and my dogs moved in a month ago. It is bliss after living in confined spaces for so long.
I have taken in a lodger (a friend) and their rent covers the mortgage payment.
I phoned the mortgage company when I moved in and asked them to take the payment from my bank a/c as I''d moved in. They said this was fine.
Then I got a letter from my solicitor which the Mort co had sent. It was a financial statement to see if I had the means to pay the mortgage.
As there has not been a final hearing yet I cannot fill it in as I dont know what settlement I will get and what my "income" will be.
My solicitor has told me I shouldnt have moved in without the lenders permission but when I telephoned the mort co I said I was moving in and that I''d be paying the mortgage from now on.
What are the chances of being told to move out (I couldnt stand it, I would be homeless).
Surely the thing here is for them to take action if I miss a mortgage payment which I am not going to do.
It''s a buy to let mortgage, I''m aware of that and also that changing it could result in higher payments which I''m prepared for but what is the actual likelihood of being told to leave and them persueing this? I just couldnt stand being in a bedsit again surrounded by my possessions in boxes.

  • WYSPECIAL's Avatar
  • Moderator
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17 Jun 12 #337172 by WYSPECIAL
Reply from WYSPECIAL
How was the mortgage paid before?

Unless there is some rule in the mortgage agreement that says that the mortgagee can''t live in the property I would be suprised that they are even interested so long as it is paid. If you move out how will the mortgage be paid with no tenant?

Usually they charge more for BTL mortgages not the other way round.

Have you divorced yet? Why live in bed sits if your husband owns loads of properties? Get divorced and get your fair share.

  • hattiedaw
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17 Jun 12 #337228 by hattiedaw
Reply from hattiedaw
Thank you very much for your reply.
I had to stay in bedsits as nobody would rent to me with my dogs.
Most of my husbands properties are student lets in the city and in his name only. My name is on the house I''m living in though (I have no idea why he put my name on it too).
We are not divorce yet. The final hearing is in July.
My husband is pleading poverty though so I dont know whats going to happen.
Thank you.

  • bluefairy
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09 Jul 12 #342200 by bluefairy
Reply from bluefairy

I am very interested in this as I am in a similar-ish situation. As I understand it is illegal for you to be living in the buy to let property and as the lender now knows this they will want you to convert to residential mortgage therefore you must be earning enough to afford mortgage. Is your name not on residential mortgage with ex? Is there a house in both yr names that is FMH because you maybe should look at being there instead.
Even though he has sole rental properties are they in negative equity re: recession house market decline? if so maybe not much asset to divide.
You should not be struggling and moving around like this, I feel for you and ope things improve.


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