cheshire/nationwide

bandit598

just about to move house/port mortgage i have an interest in another property which will be used as the repayment vehicle .all was well until the cheshire decided it will be classed as a new mortgage and wont accept the existing arrangement having paid for a valuation of the new property ..i have a 999 credit rating and at least 60%equity would mean reverting to repayment would make things tight initially. I thought it was just a simple matter of transfer not a long drawn out costly affair any ideas on what to ask ? or avenues to look ? ps have never missed a payment of any kind in my life ..are they being over cautious considering that if i was unable to pay the amount at end of term .they woudnt lose out with the amount of equity in the property.

Puddlesplasher

Sounds like you simply don't meet their lending criteria. Is the equity at least £150k?

Thrugelmir

An interest in another property isn't a repayment vehicle.