Mortgage mis-sold / bad brokering?

payless

As most of my clients have fairly high income , most of my B2L used to be processed on residential rates at C&G ( income covered both mtgs ) - but they stopped option that for new applicants some years ago ( guessing around 2004-2005) .( well they still allow that lending criteria - but not access to the residental rates)

. in fact those on these deals then offered B2L renewal deals - so me thinks someone got it wrong, and would be surprised in C&G u/w said it was still OK ( maybe they said ok to criteria ?? and broker assumed that meant rates) .

The application system should have picked it up at initial stage ( esp if via processed electronically by broker) - IF it was processed correctly
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Let 2 buy would be different, but that would have been on a new mortgage for a new property , with old property getting consent ( or change to B2L ).

I assume you needed to raise the deposit on new property from the old property-

Dan_1976

Mrs_Bumble wrote: »

If it was done on a let to buy basis that would have been different, which is my point really, has C&G criteria changed.

It was set up as a 2nd home/holiday home. Either way the other property isbeing rented out so cant be resi.