Buy-to-let help!

mefe

We are in the process of buying a property with a buy to let mortgage but have just been advised that the lender wont give us the mortgage because it doesn't class as A1 condition - now, I agree the property needs some work to make it tenantable (such as a fitted kitchen and some redecoration) but this work could be completed within 2 weeks max and there is nothing structurally wrong. Is there anyone out there who would mortgage such properties or are we going to have to consider alternative funding routes? Anyone had a similar experience or have any advice on how we should proceed?

Thank you for all your help x

_Andy_

Would be helpful if you mentioned which lender, also LTV

mefe

leader C&G, LTV 75%

TMSL

Mortgage works have a mortgage that allows for re-decoration they put on a retention until works are done. They have certain rules and only deal via brokers.

Conrad

It will be down to a lenders valauers comments as much as anything.

I did a couple just like this recently, which were accepted.

Coventry BS are a lot easier to deal with compared to TWM who freely admit they turn down properties for the slightest thing (turned down 3 for me recently - one near a river, 1 near a pylon and one too close to a pub).

Leon_W

I don't think TMWs light refurb mortgage is all that either.

Max LTV is 70% and even then they'll hold the full retention amount. Double whammy if you cant get the cash from somewhere to complete the work.

The way these seem to be going is bridge then remortgage but it is fraught with risks and the general "owned for 6 month" BS complicates matters.

Regards

V_J_Conn

Have done a few mortgage applications recently and it really depends on the personal view of the valuer and the underwriter of the case.
C&G are not really a main player in BTL, so I would look elsewhere
Buytolet - Vivienne

I am a Mortgage and Protection 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. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

lowey1975

I've used The Mortgage Works twice now - they've been great.