stuck with no mortgage!!!!!

stuartp21

:mad: i fill let down by what i have believed ,i`m trying to get a mortgage for my buy to let property, but all i can seem to find is all the lenders wont give me a mortgage unless I stamp up 35% deposit. I have already paid 10% two years ago and exchanged, with 5% on completion (due in Jun/Jul), but due to the credit crunch the build was put back another year, now I need a mortgage. Does anybody know if I can get a mortgage without having to pay the extra 20% they are demanding?

VIGILANT22

BTL'S 75% max......

brit1234

Probably best to walk away unless a friend will lend your money. Your property will also be worth a lot less than 2 years ago making a mortgage even harder to get. Speak to a solictor to see how you can walk away or even try to haggle the price down.

Annisele

Is the current market value of the property less than you've agreed to pay? If so, by how much?

As Vigilant22 says, at most you'll get a 75% loan on a BTL - but that's 75% of the lender's valuation, not 75% of the price you agreed to pay. Is that where the 35% deposit is coming in?

VIGILANT22

Sounds like another "off plan" gone wrong.......

Trollfever

Have you discussed the issue with the solicitor who advised you to sign the contract?



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stuartp21

thanks for your replies ,its off to the solicitors to discuss the fat lady who sings ,will post results thanks again stuart