Mortgage Terms and Conditions Query

[poolfanabc]

I'm in a position similar to some in that I may consider renting out current Negative Equity house if I want to trade up.

One of the first things I know to check is to see whether I may lose my tracker rate (with ICS) if no longer primary house.

Can someone advise where on mortgage paperwork I woud find this stipulation as checked it the other night but could find no reference at all.

Is it in a standard section number of the mortgage documentation I can check there specifically?

 

[poolfanabc]

anyone?

 

[wednesday]

I've also got a mortgage with ICS and have carefully viewed the paperwork that I signed - initially and subsequently - I can find no such stipulation that you will lose your tracker if the property is no longer your primary residence BUT if in any doubt, cover yourself by giving them a call and asking them following that with a letter asking again so that you have a written reply to substantiate your conversation.

 

[poolfanabc]

I've also got a mortgage with ICS and have carefully viewed the paperwork that I signed - initially and subsequently - I can find no such stipulation that you will lose your tracker if the property is no longer your primary residence BUT if in any doubt, cover yourself by giving them a call and asking them following that with a letter asking again so that you have a written reply to substantiate your conversation.

thanks

 

[munchy]

I told the bank that I was renting out my place, and despite having good reasons as I am unemployed and financially it was the only way to pay them anything at all, they started to get tough - wont enter into Marp with me now as I am " an investor" which is laughable as I live very hand to mouth, and sent me a form asking for me to pay the 20-25% deposit required for a BTL mortgage. Impossible considering my arrears and lack of income. I was very naive in telling the bank and I would be cautious in how to deal with them as all doors closed for me as the bank views me differently, as do Marp.

 

[cremeegg]

I've also got a mortgage with ICS and have carefully viewed the paperwork that I signed - initially and subsequently - I can find no such stipulation that you will lose your tracker if the property is no longer your primary residence BUT if in any doubt, cover yourself by giving them a call and asking them following that with a letter asking again so that you have a written reply to substantiate your conversation.

I would not agree with this advice to contact the bank. The mortgage document is the basis on which this hangs.

Why should you ask the bank to interpret it for you. They are the opposing team, you expect them to play by the rules, but don't ask them to be referee also.

Ask your solicitor, and get his/her advice in writing. This may cost you but you are worth it.

 

[Mrmr]

Although their is nothing in the text, the title of our mortgage is a Home Loan mortgage. And so if this is what you accepted then I assume they can move you onto a different type regardless of the documentation wording if the purpose is no longer as your home.