C&G Mortgage

GuidoT

I am trying to remove my partners name from a BTL property.

I went into see C&G and the adviser said it should be no problem getting through given my financials.

A week later however I was advised it would not get through the underwriters, but they cannot tell me why it was declined. So I do not know how to get over the problem.

I complained in writing and got nowhere and C&G said I could take it to the FOS.

I accept that no one has a right to credit, so would I be wasting my time complaining to the FOS about this?

By the way I am on a good SVR, otherwise I would just go to another lender.

Simon_gloster

Likely outcome as you have been through their complaints procedurea, and failed, is it is a policy/criteria issue. FOS won't be interested in this. Did they say why you couldn't do the transfer?

I think from their website they have a minimum income, maximum LTV of 75% and rental yield at 8%.

bigadaj

The answer is the good SVR if you're on less than three per cent then they are losing money on you, ideally for them you would move elsewhere.

Simon_gloster

Agreed, however C&G's SVR is complicated. They cannot force someone off it. If your appication fits, then it fits and the transfer would happen.

From the CML website, advances even on btl pre 2009 would go to svr. Criteria issue here.

The_J

It's obviously criteria as Simon says (I'd add you to my signature if they allowed the extra space). C&G are not "losing money on you" they are just not making as much as they would like.

Post your income, mortgage amount, property value, rental income and someone can give you a better idea of what the problem is. The annoying thing for you is that the original advisor has said "Yes" without knowing his banks full criteria. But I'm afraid thats what you get with inhouse "advisors". All of them are mentally !!!!!!.

Conrad

GuidoT wrote: »

but they cannot tell me why it was declined. So I do not know how to get over the problem.

It could be a number of issues, for example if your income is quite modest as most B2L lenders prefer people not to be too reliant on rental income.

Or it may be that you don't have a personal residential mortgage - another no go for most lenders.

AS a broker I still assist people with such matters, so find a broker local to you that is willing to perhaps help you re - apply. An application is much like a job cv - one has to put the best spin on themselves.

Lender 'advisers' don't have the lattitude to be able to effectively assist anyone who doesn't quite fit thier tick box system.

DVardysShadow

Conrad wrote: »

IOr it may be that you don't have a personal residential mortgage - another no go for most lenders

???? So if you owned the property where you live outright, you would not get a BTL mortgage with those lenders?

Simon_gloster

DVardysShadow wrote: »

???? So if you owned the property where you live outright, you would not get a BTL mortgage with those lenders?

You can DVS, FTB applying for a BTL with LTSB is a no go.

Thrugelmir

GuidoT wrote: »

By the way I am on a good SVR, otherwise I would just go to another lender.

Likewise the bank wishes to retain 2 individuals to secure the debt.

If you apply for a new mortgages then you will lose the SVR you are on.

Why do you need to remove the other party? If they have no wish to remain on the mortgage. Then selling the property or switching lenders are your only options.

Gentoo365

Simon_gloster wrote: »

You can DVS, FTB applying for a BTL with LTSB is a no go.

This post needs more acronyms I reckon

Simon_gloster

Ok, swicd.