BTL lender saying it cant be lived in

Noz

then he maybe breaking the terms of his mortgage, dangerous game

delb0y

Aye thats for sure :-0 Im sure he could have got a residential self-cert

UK007BullDog

BTL mortgages cost more than residential ones. He definately has not gotten the right mortgage.

Was this an advised sale through a broker?

herbiesjp

delb0y wrote:

Hes gone for a BTL cos he couldnt get a loan based on his earnings and he wasnt on the voter role.

But a lot of BTL lenders will not need a huge personal income to agree a BTL, so why the need for the friend to be on the mortgage in that case?

Can they not get a residnetial mortgage with their two incomes?

I think you should advise them that what they are doing is wrong, and should look at other ways of getting this agreed

There is normally more than one way of getting a mortgage agreed legally

HTH

delb0y

Through a broker would you beleive ! :-0 I have advised them but i think its too late and they will change it in a years time.

dfdemello

Delboy,

Seems like a broker who didnt know his @ss from his elbow....as previously posted seems an obvious breach of the terms of the mortgage when there would have probably been other mortgage products available that your relatives could have used.

Fingers crossed it all works out for them

welshcakes

Not had any personal experience of this but the fact that a BLT mortgage has been offered sugests that the application form information was not completely forthcoming and straight. Was the broker aware of your friend's intentions?

As said by other posters, quite a risk whenever an application is deliberately 'massaged' especially if your friend registers it as his address for banks, inland revenue etc; these things somethimes have a way of coming back to bite one on the derriere! Also does he appreciate he can't risk registering with the electoral roll? What about council tax occupant identity?

He may of course get away with it but it was at the very least a breach - in essence obtaining monies (a loan) by deliberately providing false key information upon which the decision was made.