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will halifax overturn a btl mortgage application?
bumgum
Posts: 31 Forumite
hi.
our house move has stalled for the moment because there seems to be a discrepency with the investor buying our property.
basically he had his mortgage application turned down (but he did have a AIP) because he needs to have owned his property (that he bought for cash & is renting out) for six months to do a btl mortgage. He has only owned the property since April. He is currently trying to get the decision overturned.
How strict are the halifax with 6 months ownership of the property?
Are there any exceptions?
Is there anyway around this?
If he gets refused, we lose our sale & we'll probably lose the house we had an offer acepted on.
someone please give me some hope.
our house move has stalled for the moment because there seems to be a discrepency with the investor buying our property.
basically he had his mortgage application turned down (but he did have a AIP) because he needs to have owned his property (that he bought for cash & is renting out) for six months to do a btl mortgage. He has only owned the property since April. He is currently trying to get the decision overturned.
How strict are the halifax with 6 months ownership of the property?
Are there any exceptions?
Is there anyway around this?
If he gets refused, we lose our sale & we'll probably lose the house we had an offer acepted on.
someone please give me some hope.
0
Comments
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The Halifax sets the rules. I doubt for a second they'll change them for one potential customer.
Your investor should have made enquiries at the outset.0 -
I'll admit, somethings not right - this issue with the (6 month) buy to let mortgage is ridiculous, his financial advisor, his solicitor, his EA & himself didn't know about it!!! !!!!!!??
Help!!!
Professional property investors and their advisers know about the six month rule.0 -
the thing that I really don't understand is how has it got this far? he has an agreement in principle.0
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FraudBuster wrote: »that he bought for cash = red flags.
maybe i'm being naive, but I don't understand.0 -
the thing that I really don't understand is how has it got this far? he has an agreement in principle.
An AIP does not constitute an offer. As a full mortgage application has not been made.
Why does the investor need to remortgage his other property? Presumably as he doesn't have sufficent funds or borrowing power to purchase your property.
The AIP would have been based on his income not assets.0 -
Thrugelmir wrote: »An AIP does not constitute an offer. As a full mortgage application has not been made.
Why does the investor need to remortgage his other property? Presumably as he doesn't have sufficent funds or borrowing power to purchase your property.
The AIP would have been based on his income not assets.
there is no other way he can finance our property.0 -
Check out Thrugs replies to a previous thread:
https://forums.moneysavingexpert.com/discussion/33381320 -
Error clarified by OP.
Investor is remortgaging property one to buy property two.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
FraudBuster wrote: »Research Money Laundering.
he is part financing our house with his btl.
so he will be taking money out of the house, not putting money in it.
if i've got that right.0 -
kingstreet wrote: »Error clarified by OP.
Investor is remortgaging property one to buy property two.
that is correct.
is there any chance this can be resolved kingstreet?0
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