Tania Posted June 24, 2013 Report Share Posted June 24, 2013 (edited) post removed not answered Edited July 8, 2013 by Tania Quote Link to comment Share on other sites More sharing options...
elfie Posted June 24, 2013 Report Share Posted June 24, 2013 If you will find that if you have not informed the mortgage lender you will be in breach of your contract with them. You should have informed them prior to renting. The lender needs to also hold a copy of the tenancy agreement, with clause 1 and 2 contained in this. Clause 1 and 2 in easy terms give the lender and your selves powers to evict tenants if need be as you will be aware you are not the owner out right until the mortgage is cleared. The lender will want to send a valuation surveyor to the property to make an accurate market valuation. Hope also you have filled in your tax forms in the UK prior to leaving. ps even though there maybe contained in the tenancy agreement powers of eviction its this clause 1 and 2 that they need ludicrous I know but there you go. Also depending on the lender there maybe different clauses etc they require Quote Link to comment Share on other sites More sharing options...
Weedolly Posted June 25, 2013 Report Share Posted June 25, 2013 Do you mean you want to remortgage? If so you would have to provide proof of income and surely Australian Payslips would let them know it is not actually you that is living there. Quote Link to comment Share on other sites More sharing options...
Rossmoyne Posted June 25, 2013 Report Share Posted June 25, 2013 I understood that if you didn't notify your mortgage provider that you were renting out the property, that your insurance was null and void..... apart from all the other implications. Always pays to be honest cos life has a way of smacking you in the face sometimes. Quote Link to comment Share on other sites More sharing options...
eddking2003 Posted June 25, 2013 Report Share Posted June 25, 2013 Wouldn't touch that with a barge pole... Quote Link to comment Share on other sites More sharing options...
StraighttothePoint Posted June 25, 2013 Report Share Posted June 25, 2013 Hi - I know the consequences of renting without telling lender so no comments on that please...I just want to know if by processing an application to use some of the equity, whether it will trigger anything causing the lender to find out it's being rented? Only thing I can think of is when they need to confirm the LTV. Does the lender do an online valuation or would they want to do a physically check by sending someone out to the property? Anyone done this? If anyone admits to doing this on the forum then that is even being dafter than actually doing it Quote Link to comment Share on other sites More sharing options...
Guest guest10912 Posted July 13, 2013 Report Share Posted July 13, 2013 I understood that if you didn't notify your mortgage provider that you were renting out the property, that your insurance was null and void..... apart from all the other implications. Always pays to be honest cos life has a way of smacking you in the face sometimes. I am renting out my home without the lenders knowledge. It makes no difference to my insurance whatsoever, the insurer is well aware that the property is rented out and have no interest in how my property is financed. Quote Link to comment Share on other sites More sharing options...
elfie Posted July 14, 2013 Report Share Posted July 14, 2013 I am renting out my home without the lenders knowledge. It makes no difference to my insurance whatsoever, the insurer is well aware that the property is rented out and have no interest in how my property is financed. they wont care of course because if something goes wrong god forbid it doesn't they wont pay out not unless you specifically have landlords ins but it seems from your replies you know everything about being a landlird Quote Link to comment Share on other sites More sharing options...
Guest guest10912 Posted July 14, 2013 Report Share Posted July 14, 2013 they wont care of course because if something goes wrong god forbid it doesn't they wont pay out not unless you specifically have landlords ins but it seems from your replies you know everything about being a landlird Seems from my replies? I think this is the only time I have ever replied to a thread on landlord's isn't it, I have only posted 15 times in total... And who said I didn't have landlord's insurance? Of course I do, I said I had not told my lender that the house was rented out. Those are two completely separate matters. Quote Link to comment Share on other sites More sharing options...
elfie Posted July 14, 2013 Report Share Posted July 14, 2013 Seems from my replies? I think this is the only time I have ever replied to a thread on landlord's isn't it, I have only posted 15 times in total... And who said I didn't have landlord's insurance? Of course I do, I said I had not told my lender that the house was rented out. Those are two completely separate matters. You didn't stipulate that though did you? Yes indeed they are two totally different issues. But you will find that not informing your mortgage lender you are in breach of your mortgage agreement! But you obviously are aware of that also aren't you? But as someone also posted a bit daft really admitting to this on a forum well not daft down right idiotic. Quote Link to comment Share on other sites More sharing options...
Guest guest10912 Posted July 14, 2013 Report Share Posted July 14, 2013 You didn't stipulate that though did you? Didn't I? Doesn't the insurer is well aware that the property is rented out make that clear enough? Post #7. Yes indeed they are two totally different issues. But you will find that not informing your mortgage lender you are in breach of your mortgage agreement! But you obviously are aware of that also aren't you? But as someone also posted a bit daft really admitting to this on a forum well not daft down right idiotic. Yes I am aware of that. You are right, it is utterly idiotic, my mortgage lender is sure to make the connection between me in real life and a post on a forum by Rupert bear. Thank goodness you have my back. Quote Link to comment Share on other sites More sharing options...
elfie Posted July 14, 2013 Report Share Posted July 14, 2013 (edited) Didn't I? Doesn't make that clear enough? Post #7. Yes I am aware of that. You are right, it is utterly idiotic, my mortgage lender is sure to make the connection between me in real life and a post on a forum by Rupert bear. Thank goodness you have my back. You asked for advice regarding your post it has been given from a few people. Hope you have filled in your NRL1 forms ect for tax purposes in the UK depending on rental income gained, and declaring on AU tax return. Also as a release of equity on your property surely you lender would need notifying or another lender. The wheel turns. Moral of the story dont ask the questions if you dont want the answers. ps I dont have anyones back except my own. Edited July 14, 2013 by elfie Quote Link to comment Share on other sites More sharing options...
Guest guest10912 Posted July 14, 2013 Report Share Posted July 14, 2013 You asked for advice regarding your post it has been given from a few people. Hope you have filled in your NRL1 forms ect for tax purposes in the UK depending on rental income gained, and declaring on AU tax return. Also as a release of equity on your property surely you lender would need notifying or another lender. The wheel turns. Moral of the story dont ask the questions if you dont want the answers. ps I dont have anyones back except my own. No, I haven't asked any questions on this thread. I have only commented, I am not the OP, I am not trying to release equity on my property. That frankly, is a daft idea, not least because of the breach of mortgage contract but also because why they hell wouldn't they just get a mortgage in Australia if they can afford the extra debt. And yes, my property is let, it is insured and my taxes are paid and fully up to date. It is just my mortgage lender in the dark. Quote Link to comment Share on other sites More sharing options...
ROB T Posted July 14, 2013 Report Share Posted July 14, 2013 Now now you two, this is PP not PIO lol Quote Link to comment Share on other sites More sharing options...
elfie Posted July 14, 2013 Report Share Posted July 14, 2013 Hi Rob Oops thought it was PIO dam Luckily no one can read my mind then eh? Quote Link to comment Share on other sites More sharing options...
ali Posted July 14, 2013 Report Share Posted July 14, 2013 Now now you two, this is PP not PIO lol No arguing on PP .. it's rule number 365 ... or is it rule 356?? Quote Link to comment Share on other sites More sharing options...
portlaunay Posted July 14, 2013 Report Share Posted July 14, 2013 Thread locked at OP's request Quote Link to comment Share on other sites More sharing options...
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