i have a buy to let property with a preferential home loan mortgage rate on it with EBS. When i took out the mortgage 12 yrs ago the EBS broker let me have a home loan rate as opposed to a buy to let rate although the broker was well aware that the property was for letting. I did not request a home loan rate, it was offered to me as i already has a mortgage on my ppr with EBS.
I have just received a letter, sent to my buy to let address, from EBS stating that if i do not provide details of my home insurance to them in the next 14 days they will proceed to arrange cover on my behalf..
I hold landlord insurance on the property, however i do not want to show this as i am sure they will then up my interest rate from the current variable home loan rate of 4.58 to 5.35 which is the buy to let rate.
The rent i am getting falls well short of covering the mortgage as it is so this would only add to my problems.I am currently paying them mortgage plus life insurance on the property.
I would love some advice on how i should now handle this situation with EBS?
I am only after coming off a fixed 3 yr rate where my mortgage payments came down slightly,so i do not need another rise. Can EBS legally go ahead and arrange home insurance on my behalf, WITHOUT MY PERMISSION?
Any advice appreciated.
I have just received a letter, sent to my buy to let address, from EBS stating that if i do not provide details of my home insurance to them in the next 14 days they will proceed to arrange cover on my behalf..
I hold landlord insurance on the property, however i do not want to show this as i am sure they will then up my interest rate from the current variable home loan rate of 4.58 to 5.35 which is the buy to let rate.
The rent i am getting falls well short of covering the mortgage as it is so this would only add to my problems.I am currently paying them mortgage plus life insurance on the property.
I would love some advice on how i should now handle this situation with EBS?
I am only after coming off a fixed 3 yr rate where my mortgage payments came down slightly,so i do not need another rise. Can EBS legally go ahead and arrange home insurance on my behalf, WITHOUT MY PERMISSION?
Any advice appreciated.