Turned down for add'l borrowing on home mortgage because I have 5 BTL properties

ad9898_3

Sounds to me like the bank has made the right decision, you are over-leveraged already. If only the banks had acted like this in the first place, we may have avoided this mess.

bargainbarmy

Baz wrote: »

Lower the price then. It's not hard. You can't be that desperate otherwise you would have done what all other desperate people have done, lowered the price until it sold.

I am not going to sell it for less than I paid when I can make £200 per month on the rental. I just presumed I wouldn't have had a problem borrowing against my house as my LTV is about 25%.

bargainbarmy

minimike2 wrote: »

You are chaning ownership of the property. This means stamp duty will be payable on the transaction. You wont be able to add your wife to the mortgage without the same change being reflected in the house deeds (ownership of the property).

I've just looked it up on the internet and I don't think it's payable when it's between husband and wife.

Could I avoid the ToE altogether if we went with a different lender and did an application in joint names?

minimike2

Ahh yes....there may be an exception for transfers to / from spouce's. Can anyone confirm?

The ToE will need to be done for any joint application with any lender as the deeds will still need to be amended.

dmg24

bargainbarmy wrote: »

Sell a house? Where have you been the last 5 months? In case you didn't fully understand my thread i had tried to sell the property I bought but couldn't. ......and why is it wierd to want to have money in your bank account? It is very difficult to plan or deal with emergency expenditure if you have no savings at all. I am just basically just trying to release some of the money that I have put into the latest property.

Are you foreseeing a need for emergency expenditure? If not, is it really such a concern? Few of us have £25K sat in the bank, or could foresee an emergency that would require such an outgoing?

bargainbarmy

dmg24 wrote: »

Are you foreseeing a need for emergency expenditure? If not, is it really such a concern? Few of us have £25K sat in the bank, or could foresee an emergency that would require such an outgoing?

I need some for home improvements as well

bargainbarmy

Just another question to the very helpful mortgage advisers out there...can i start an application with another lender whilst the ToE is being sorted out by Nationwide and my solicitor?...or do I have to wiat for the ToE to complete first?

bargainbarmy

Also once the ToE is done will another lender ask for all details about my other BTL's and do a manual check or will it be done in branch where a computer makes the decision?

Thanks for all your help guys i'm really grateful!!

minimike2

Its best to get the same solicitor to do the ToE and the remortgage at the same time tbh...would probably work out a little cheaper that way.

If you are asked about BTLs (which you should be by all lenders when they ask if you have any other mortgages) then you need to be 100% honest.

A broker would be best placed to sort this out for you.

bargainbarmy

minimike2 wrote: »

Its best to get the same solicitor to do the ToE and the remortgage at the same time tbh...would probably work out a little cheaper that way.

If you are asked about BTLs (which you should be by all lenders when they ask if you have any other mortgages) then you need to be 100% honest.

A broker would be best placed to sort this out for you.

Think I will put a halt to the ToE then temporarily and go and speak to a broker. Thanks minimike!