- Purchased PPR in 2005 with mortgage as a single (EBS Variable Rate)
- Got married in 2009
- Moved to new house end of 2011 and took 2nd mortgage with same lender (same bank official) in joint names. Rented original House Jan 2012
- Understood from the official that my variable rate didn't change on original property which is now rental (to this day still Variable)
- I am now thinking of selling Rental property in the near future
Question
When I check rates the Buy to let rates are higher than Standard Variable, should I have been on higher rates all this time? I get all my statements for both properties sent to my home address (my now PPR). Has the bank made a mistake or is this normal when switching from PPR to Rental as opposed to purchasing mortgage from the get-go as BTL? I know i sent letter to revenue at time to cease TRS.
I am now worried that if I sell the rental property the lender will look to clawback the difference in interest rates for the past 12 years.
Appreciate some advice before broaching this with the lender