Mortgage taken over by another provider and property rented

L

Learner2015

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Friend of mine got a letter to say their mortgage was taken over by a new provider in September this year and would they send in up to date AML documents and change the life insurance noting the interest of the new provider.

This mortgage has never been in arrears or late payments etc.

The concern is this property has been rented for a few years now. My friend never told their original provider (but all taxes, RTB etc is up to date). The original mortgage contract states the property should be PPR only.

If my friend sends in up to date AML the new provider will know they do not live there.

Would it be likely they would move to increase their rate? What happens if they don't send in the requested documents?

Thanks for any advice anyone has on this.
 
Hi Learner

I don't see any need for him to respond.

He pays his mortgage on time. He can tell them to stuff their bureaucracy.

Brendan
 
Brendan Burgess said:
He can tell them to stuff their bureaucracy.
Click to expand...
It's actually a requirement under AML legislation. If a customer fails to provide requested documents, the institution should terminate the relationship.

However, since the customer owes money, in this scenario it won't make a difference whether they provide it or not.
 
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