C&G Mortgage

Wutang_2

Simon_gloster wrote: »

Ok, swicd.

Sheffield Wednesday is....errr

bigadaj

Simon_gloster wrote: »

Ok, swicd.

See what I can do, sadly proud of working that out, though it'll. Now be something else!

Simon_gloster

On the money, congrats.

GuidoT

Deleted.....

Thrugelmir

GuidoT wrote: »

The other person on the mortgage is my ex, I have nearly finished paying her off, including buying her another house, it is complicated.

Removing your ex isn't complicated either sell or remortgage.

Maybe the concern for the underwriters is that your mortgages are all on an interest only basis.

The_J

DVardysShadow wrote: »

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

If you own a property outright you are fine to get a BTL mortgage with those lenders who require it.

Simon_gloster

Also any more than 3 buy to lets in Lloyds Banking Group is a decline. Also on your figures its not self financing.

>60 LTV (130 / 210) is an 8% yield.

£130000 * 8 % / 12 = £866, ok, £16 out, their criteria is strict on buy to lets, therefore not self funding. Any surplus from other rental or main income is ignored as well for affordability.

As I thought initially, an affordability decline, customer and advisor decide its a ridiculous outcome as income is in abundance, gets sent to underwriting who stick to the decision. Remortgage time I'm afraid.

GuidoT

Thanks Simon.

My other buy to lets are not within the Lloyds group or are you saying that it does not matter who they are with, but 3 or more buy to lets with any lender is a decline with Lloyds?

Can I reduce the loan amount from £130,000.00 to £125,000.00 and that would make the yield >8% to stand a better prospect?

Seems a shame to move away from a good SVR.

Simon_gloster

GuidoT wrote: »

Thanks Simon.

My other buy to lets are not within the Lloyds group or are you saying that it does not matter who they are with, but 3 or more buy to lets with any lender is a decline with Lloyds?

Can I reduce the loan amount from £130,000.00 to £125,000.00 and that would make the yield >8% to stand a better prospect?

Seems a shame to move away from a good SVR.

I would have thought it would be ok to reduce the debt. If the 8% brings it in on the nose or a pound under, your within policy. A friend tells me their system already has a figure you much match or greater before they have eben entered most of your personal details.

Their group just for reference includes, birm midshires, intel finance, tmb, ltsb, c&g, halifax, bank of scotland, scottish widows.

Decisions can be appealed, but only if new inofmation that hasn't already been supplied which could swing it.

GuidoT

You say a decision can be appealed, how can I do this?

I was told by C&G there was no such appeal process, but I had to take it to the FOS.

To appeal something successfully I would have thought you would need to know the basis for the decline (which I do not) so you can work out the ground for your appeal and supply new information as necessary.

Alternatively if I put in another £5K would I then re-apply?