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jesmin45
Posts: 172 Forumite
Have a residential mortgage with SPML, I contacted them a while ago toaskif they were doing advances but was told no. Does anyone know if they would allow me to change to BTL with a further advance of £10k. I will call them tomorrow but just wondered if anyone may know from past experience. Property is now worth around £160k and I need £40k in total. thanks
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On that LTV you could move elsewhere if SPML won't oblige.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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hi silvercar i tried with another lender and they surveyed house (see pre post) but declined cos the surveyor said demand and future saleability poor! which apparently is what this surveyor is putting on all his reports.0
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Yes - but there are other lenders out there that may be happy with the property - and if you opt for a deal offering a free valuation, then you have nothing to lose trying with another lenderI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Jesmin45,
If i remember rightly you were going through Platform. Did you have adverse credit? Beacon home Loans do BTL remortgages but only allow defaults and no CCJ's or mortgage arrears in the last 2 years.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Take advice with a pinch of sea salt!0 -
Beacon wont do it if 'demand and saleability are poor' I would'nt have thought.
Why switch to B2L though, as they are more expensive and harder to obtain.0 -
i thought that the OP had improved the internals of the property. It had been valued before when it wasn't in good shape. Now that it has been cleaned up , it may be more presentable that was all Conrad.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Take advice with a pinch of sea salt!0 -
thanks for replies i need BTL as I want to let the property as I have another residential mtg on another prop which i live in. I defaulted on a personal loan about 5 yrs ago and came to an agreement with them paying back at a lower monthly payment, once i sell prop I will then pay off.0
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