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Ethics of Mortgage Company "rental fees"
Comments
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You did very well - must have taken great perserverance!
It is an interesting question, to start with a mortgage is not actually a loan to the property (as many people seem to think) but is a personal loan to the individual which happens to be secured on an asset, being a property of that person. So I guess they reckon that a BTL property is not such a strong asset as a home occupied by the borrower.I am a Mortgage Adviser
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.0 -
I'd see it as being a business loan rather a personal one, so you don't get the normally cheaper person rate.0
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So you go into a car showroom and buy a ford fiesta. Whilst you're still paying it off, you decide taht your circumstances have changed and you want a BMW. You take the fiesta back, and say you want the BMW in the window. They say OK, but you must pay more. You say .........
You want a different product, with a different price. The market is competitive. If you don't like the price, buy cheaper elsewhere.I can spell - but I can't type0 -
They have the right to differ your mortgage, as they would not see the need to rent out as neccesity - but I'm not sure why they charge £20000
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