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CTL refused . Any Advice?
FlyingHippo
Posts: 2 Newbie
I have purchased a second house , to extend and then to move into with my family.
My preferred builder cannot build until next summer.
My bank have said that I cannot have CTL because I haven’t had the mortgage for 6 months and my mortgage says that I cannot rent the property out. I do not dispute either of these facts. I asked them what would happen at six months, they said that unless something changed they wouldn’t give CTL then either.
I think I have unintentionally annoyed them. I sent an email to their Customer Services team and have now received a written explanation of who said what to whom but with no actual explanation.
I was hoping that someone would engage with me. Is this an unusual situation?. I entered a prudent figure in the ‘likely rental’ box on the form. Perhaps this caused the problem , but the bank won’t comment.
I earn a very good wage and have no mortgage on my first house, apart from £100 in total. I do have a repayment reserve available on this first house of 76k.
The only other thing of note is that I declared at the time they gave me the loan that I had a 50k interest-free loan from a friend. I appreciate that this is unusual, but it is true. I asked a friend and he said yes! He was happy to do this so that I didn’t have to sell the first house i.e. we can stay in the current house until the building works are completed.
I could get another builder in but that is not ideal, and I have unfortunately got to submit revised building regulations (planning permission has been granted).
I am minded not to let without CTL. I have also considered allowing a friend to house sit but that probably also breaks a rule.
Thank you for taking time to consider my dilemma. I acknowledge that, reading some threads, others have bigger problems than this.
My preferred builder cannot build until next summer.
My bank have said that I cannot have CTL because I haven’t had the mortgage for 6 months and my mortgage says that I cannot rent the property out. I do not dispute either of these facts. I asked them what would happen at six months, they said that unless something changed they wouldn’t give CTL then either.
I think I have unintentionally annoyed them. I sent an email to their Customer Services team and have now received a written explanation of who said what to whom but with no actual explanation.
I was hoping that someone would engage with me. Is this an unusual situation?. I entered a prudent figure in the ‘likely rental’ box on the form. Perhaps this caused the problem , but the bank won’t comment.
I earn a very good wage and have no mortgage on my first house, apart from £100 in total. I do have a repayment reserve available on this first house of 76k.
The only other thing of note is that I declared at the time they gave me the loan that I had a 50k interest-free loan from a friend. I appreciate that this is unusual, but it is true. I asked a friend and he said yes! He was happy to do this so that I didn’t have to sell the first house i.e. we can stay in the current house until the building works are completed.
I could get another builder in but that is not ideal, and I have unfortunately got to submit revised building regulations (planning permission has been granted).
I am minded not to let without CTL. I have also considered allowing a friend to house sit but that probably also breaks a rule.
Thank you for taking time to consider my dilemma. I acknowledge that, reading some threads, others have bigger problems than this.
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