Consent to let refused - what are the options?

Gwhiz

kaych wrote: »

save? shouldn't take you too long to save that amount with a total income of 200k!?

A combined take home of around £10K per month and no savings!!!! Something smells fishy.

_Andy_

Waterside wrote: »

we are on a fixed rate and term, so would have to pay a penalty.

Not if you are applying for further borrowing with the same company.

jonewer

If you're earning £200k then you could probably stretch to a solicitor, no?

Waterside

Gwhiz - not that I should have to comment, but 2 recent costly divorces, a wedding and continuing maitenance payments do eat into liquid savings. I'd be impressed (and slightly alarmed) if many people have £35K instantly accessible - would be a slightly foolish investment portfolio...

chewmylegoff

Waterside wrote: »

Thanks chewmylegoff, but I am unprepared to take out 10% from the value of my property as our family home which would then mean we are at a LTV of 80% with the banks behaving as they are...

well if you're not prepared to raise the funds using the means available to you (which is fair enough) then probably best to sell.

obviously though if your family home is worth c.£350k and you are earning £200k gross, you could get the LTV down very quickly by overpaying if you are allowed to do so.

ItMightBeUsefulOneDay

Waterside wrote: »

I was hoping for some common sense from the banks ...

Despite being given billions of printed-out-of-thin-air money and billions in loans by the taxpayers of this country, the banks still don't want to lend. Doesn't stop the spivs and risk takers, the fat-cats and the politicians from helping themselves to the trough of money at the end-of-year bonus handouts though. Common sense doesn't come into it any more I'm afraid.

However, your household income is some 8 times higher than the national average so you should be able to quickly save a substantial amount. If you don't want to sell and can't rent it at the moment then wait. You should be seeing well over £10,000 per month into your bank account - a few less luxuries, save a little and you'll get the £35k in no time.

iamana1ias

Waterside wrote: »

Gwhiz - not that I should have to comment, but 2 recent costly divorces, a wedding and continuing maitenance payments do eat into liquid savings. I'd be impressed (and slightly alarmed) if many people have £35K instantly accessible - would be a slightly foolish investment portfolio...

I've an offset mortgage of £210k. I'm offsetting £210k and I earn a fair bit less than you! If I needed to I could access that £210k (more actually with other accounts as well) instantly.

Worst that could happen is that my bank goes bust and clears my mortgage. Not really risky or foolish

Waterside

Thanks for the advice - seems the overwhelming view is to sell! And yes, you are all correct that we need to spend less and save more on our income. Offset mortgage is the next step for our main home. Now the next challenge is to persuade the Husband to get sensible...

Fire_Fox

If you are on that kind of income any rental profit would surely be taxed at 40%? Factor in mortgage, service charges, ground rent, buildings insurance, landlords insurance, repairs, letting agents fees, vacancies, tenants who trash the place or do not pay, capital gains tax ... I'd be surprised if you don't make a whacking loss!