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breach of mortgage

breach of mortgage

Old Jun 21st 2015, 4:02 pm
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Default breach of mortgage

Hi everyone this is my first post my mortgage company have said that I'm in breach of my mortgage because I'm not at the property I've left my keys with a neighbour and am still paying the mortgage the property is empty any advice thanks
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Old Jun 21st 2015, 4:38 pm
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Default Re: breach of mortgage

Does the small print say that you will live in the property ?
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Old Jun 21st 2015, 4:58 pm
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Default Re: breach of mortgage

Unfortunately yes I think it does I can't double check because I don't have my mortgage contract with me
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Old Jun 21st 2015, 5:16 pm
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Default Re: breach of mortgage

I think you have to contact the mortgage provider and explain. Perhaps working away from your base for a while can be accepted as a "reasonable absence". Ignoring the problem will only make it worse.
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Old Jun 21st 2015, 5:19 pm
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Default Re: breach of mortgage

Originally Posted by swade View Post
Hi everyone this is my first post my mortgage company have said that I'm in breach of my mortgage because I'm not at the property I've left my keys with a neighbour and am still paying the mortgage the property is empty any advice thanks
in which country is the property? how did the bank know? do you rent it out?
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Old Jun 21st 2015, 5:32 pm
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Default Re: breach of mortgage

Property is in the uk it was a honest mistake on my part phoned them up asking for a mortgage statement by email
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Old Jun 21st 2015, 5:33 pm
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Default Re: breach of mortgage

No I don't rent it out
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Old Jun 22nd 2015, 3:23 am
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Default Re: breach of mortgage

I suspect the breach is due to the house being left empty for more than 30 days. A solution may be to ask for permission to rent it out and get a tenant?
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Old Jun 22nd 2015, 5:13 am
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Default Re: breach of mortgage

tell them that you have moved back. Or just ignore them and they will go away.
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Old Jun 22nd 2015, 6:29 am
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Default Re: breach of mortgage

Yes you are in breach. It was the same for us when we moved to Saudi. However I flew back, my solicitor took over and sorted it out. I then with the solicitors help got a letting approval from th mortgage company and it was all OK after that. Do not ignore. If unable to get back. Get your solicitor on it ASAP.
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Old Jun 22nd 2015, 7:58 am
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Default Re: breach of mortgage

If the property is left empty for that amount of time the building insurance is likely to be invalidated and as the mortgage lender has a first charge that means that the collateral is at risk. You will be in breach of contract terms so in a worst case scenario they can ask for repayment of the total mortgage.

You need to speak to them ASAP and come to an agreement. Don't ignore the problem as they are unlikely to. You're also risking your home. There is almost certainly a solution is you explain that you had to move away for work in order to keep up the repayments.
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Old Jun 22nd 2015, 9:24 am
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Default Re: breach of mortgage

yes a lot of insurance policies are voided if property left empty for more than 30 days... a lot of expats dont realise there is a change to insurance terms etc.
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