BTL declined by risk assessor

eismarsh

I have a good credit rating and want to get a mortgage for BTL, but I am being declined and when I ask for details they say the Risk Assessors are tightening up greatly, frustrating the lenders and me.:mad:

Is there visibility of how they assess you ? Or accountability on their assessment methods and systems ?


Can I see how they rate me ?

What is the current best way to secure a good deal BTL mortgate ?

Thanks
Steve

clutton_2

talk to a whole-market mortgage broker

oddly - some lenders are refusing new loans to BTL landlords who already have substantial portfolios - makes no sense

socrates

eismarsh wrote: »

I have a good credit rating and want to get a mortgage for BTL, but I am being declined and when I ask for details they say the Risk Assessors are tightening up greatly, frustrating the lenders and me.:mad:

Is there visibility of how they assess you ? Or accountability on their assessment methods and systems ?


Can I see how they rate me ?

What is the current best way to secure a good deal BTL mortgate ?

Thanks
Steve

How much deposit do you have?

Can you draw down from your present mortgage from the home you live in?

Why would you even want to buy a property to let at the moment the deals are abysmal.

Wrong time to buy my friend - unless you have a large lump sum and you can get a 10% yield or thereabouts - and professional investors are 10 steps ahead of you on that one.

eismarsh

Clutton,

Yes it is getting tough to get a BTL, I will try a whole-of-market. Thanks.

socrates

I have a 25% deposit, and there are some low priced properties about, and yes not in the best areas, but rentable..

How are the professional investors getting on ?

I am just trying to navigate through the BTL scoring..

Thanks
Steve

socrates

eismarsh wrote: »

Clutton,

Yes it is getting tough to get a BTL, I will try a whole-of-market. Thanks.

socrates

I have a 25% deposit, and there are some low priced properties about, and yes not in the best areas, but rentable..

How are the professional investors getting on ?

I am just trying to navigate through the BTL scoring..

Thanks
Steve

Professional investors have much larger deposits potentially outright cash and have contacts who present them with the best deals before they even get to the market - oh and also a box of brown envelopes

silvercar

Professional investors have much larger deposits potentially outright cash and have contacts who present them with the best deals before they even get to the market - oh and also a box of brown envelopes

IF this is true then you know what to do, match them at their own game. It does imply that there are suitable properties available, with buyers prepared to sell at reasonable prices.

Robert_Sterling_3

clutton wrote: »

talk to a whole-market mortgage broker
oddly - some lenders are refusing new loans to BTL landlords who already have substantial portfolios - makes no sense

Never mind you it makes sense to the lenders.

Bf109

Good. Houses are homes, not the playthings of amatuer investors.

Swipe

Sounds like the risk assessor just did you a huge favour

silvercar

The answer to your question is to see a mortgage broker, who will know which lender will look at your situation favourably.

More than one way of operating and it could work out more beneficial to increase (or take) a mortgage on your own home to buy the BTL outright.

chucky

eismarsh wrote: »

I have a good credit rating and want to get a mortgage for BTL, but I am being declined and when I ask for details they say the Risk Assessors are tightening up greatly, frustrating the lenders and me.:mad:

Is there visibility of how they assess you ? Or accountability on their assessment methods and systems ?


Can I see how they rate me ?

What is the current best way to secure a good deal BTL mortgate ?

Thanks
Steve

Go the commercial lending route and it should be easier.

Most lenders if not all lenders are tightening up their lending criteria.
Mortgage Works pulled their entire Ltd Co product range last week