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Stick to your Mortgage Conditions

We receive calls where it is clear that the true purpose of the BTL mortgage is not the same as what is being asked for. Using traditional BTL mortgages for HMOs and Serviced Accomodation is not allowed unless it specifies it within the mortgage conditions. Here Stephen Johnson of Shawbrook Bank outlines the penalties for doing so.

From our point of view using a wrong product for a mortgae application is fraud and the case will be declined.

Searchlight Finance Limited is registered in England and Wales No.07929050 Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance. ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

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