Tricky Mortgage Situation!!

tambelyn_pear

Hi, I'm a first time byuer looking to buy the flat I'm currently renting. I got most of the way through the mortgage process with Royal Bank of Scotland only to be told the number of buy to lets in the block of flats made the property unsuitable to lend on & I've since discovered the many mortgage companies have the same policy.

Does anyone know of a company that don't have a problem with a high % of buy to lets in the area & will do 90% ltv?

Thanks

Tammy

Wh05apk

I don't think it is the absolute number of btl's causing the problem, but probably due to the lenders exposure in that block, lenders don't like having more than a certain percentage of a block (~15%?) so it maybe they have already lent the maximum on that development, best way is to speak to a broker, he should be able to contact lenders direct to establish if they would be ok.

Crashandburn

Might be worth contacting e-Surv and cwsurveyors. I've always found them helpful to tell if a lender is overexposed to a development.

Other issue you would have had is lenders merging hence C&G/Lloyds/Halifax/Bank of Scotland now appearing as one group like and Nat West/RBS/First Active etc