UK Banking Issue
 

Our house in London still has a residential Mortgage and therates were fixed 2 years ago for 5 years. And in the eyes of Barclays we arestill living there. We have told the tax man that we are away and file incometaxes accordingly and registered as a non-residential Landlord. We moved toMuscat April 2016.

A few days back I got an alert from Barclays app saying thatsome of my KYC details are out of date and when I called them they said that myemployment details are from 2010 and they need updating and for me to go to abranch and give the pay slips etc if not done they can ‘limit the use of theaccount’ or even close it….what’s annoying is that we provided all of these inJanuary 2016 but looks like the system is not updated.

Have any of you faced a similar issue? What are my options

Or is the most straightforward thing is to get permission tolet? And convert our mortgage to a buy to let.

Thanks

ER

Re: UK Banking Issue
 

The are going to switch you to buy to let rates, you won't have to ask for permission! In my experience they are not going to be best pleased over what you have done so far.

Re: UK Banking Issue
 

Come to Jesus

Re: UK Banking Issue
 

apart from the issues you are now going to face with Barclays, your insurance is likely invalid because you don't have permission of your mortgage lender to rent your property which is usually a prerequisite for landlord insurance. If you have normal insurance to get around this, it will be invalid as it isn't fit for purpose.

As usual, your options are to be honest or dishonest. With property, I've found that the longer term expense of the former is almost always a better economy than apparent short term expense of the latter.

Re: UK Banking Issue
 

Panic and stop telling porkies to the people who own your home.

Re: UK Banking Issue
 

Probably no good given you've been there 2 years but I'm thinking about relocating to Dubai and my mortgage lender said 2 options; change to BTL mortgage or get 'consent to let' which is done via a telephone quesionnaire which mainly asks for confirmation of letting arrangements (e.g. you should have a tenancy agreement, surprisingly (?) one you have created yourself would be ok) and questions or rather checks on finances i.e. no payments in arrears/late.

The one off cost was around £300. You would need to do the questionnaire every 12 months. My lender didn't mention how long this consent would apply but Google tells me 2 years with Barclays so I'm afraid you might be out of luck unless you want to get creative.