I am considering giving my house to the council on a long term lease. I am on a tracker mortgage. A requirement is to receive approval from my Lender confirming they are happy with same. Has anyone done this before? The concern is I will lose my tracker and be put on to a BTL rate as its technically a change of use. Should I just submit a request and hope for the best that the operations team will just approve it?
I am considering giving my house to the council on a long term lease. I am on a tracker mortgage. A requirement is to receive approval from my Lender confirming they are happy with same.
Check the terms of your mortgage - if it doesn't say that the property has to remain your PPR for the duration they may not be able to move you to an investment rate. Also, if you do not own another property you are still protected by MARP.