Mortgage denied

downwithsantander

With respect you don't know what you are saying. I can afford it as one is being rented the other I live in and should I not be able to rent the buy-to-let one Icould pay all three mortgages with my wages alone which is different from having the cash to buy outright houses, which unfortunately I can' do

downwithsantander

Just to clarify regarding your point.
Both properties are in equity buy-to-let 15% equity and rented and our own home in over 50% equity none of which we are using as our 25% deposit for the 3rd property and the denial is based in them thinking we are going to usae it for renting

rpc

downwithsantander wrote: »

With respect you don't know what you are saying. I can afford it as one is being rented the other I live in and should I not be able to rent the buy-to-let one Icould pay all three mortgages with my wages alone which is different from having the cash to buy outright houses, which unfortunately I can' do

You think you can afford it, the bank obviously does not agree that you can do so with an acceptable level of risk.

If the BTL equity is the issue and you have savings, why not pay down the loan and improve the LTV?

What you are asking is not "mainstream" lending. You may do better to use a broker who knows which lenders will use which criteria, etc.

downwithsantander

Thanks for advice, we are currently asking a different bank.

With regards to them not knowing me, although not personally maybe we have 2 mortgages 7 and 10 yrs with them, never faultering mpyments and no credit card debts and they confirmed that their decision was solely in their fear of us renting out. Also my current account/ISAs/credit card are with them and they know that I work 2 hrs away and my wife can't relocate.

Thanks

downwithsantander

Well, my point is that in the current climate banks are getting bailed out still and are what started the recession but are inflexible at the time of offering to lend money even though they agree property affordable and credit score good and just as they wonder if I am lying basically

downwithsantander

I agree and sya in my original post that it was partially a rant, nothing new there but why the principle:
1. Banks are being bailed out with all the tax payers money part of whom we are.
2. frequently they say in all sorts of media how they are lending money when risk low and they agree risk low but choose to think I may be lying.

That's why.

Regards

downwithsantander

No, My query/ argument is that they agree to lend in principal looking at all the finances,etc.. but then deny using the argument that I may be lying. If they chose from the beginning to deny me then I would accept whether I agreed or not, but the fact that they agree and changed their mind on a presumption that I may be lying I think is not right.

If you come to me for money I may not give it but then I am not a bank, nor have I been bailed out for billions, and I service all my debts which incidentally are just the monthly bills and mortgages.

Also, all banks borrow money from the Bank of England which is effectively the tax payer and we have no say but expect that at the time of the bank lending you they use proper reasons or at least not waist your time in the process so that I can go elsewhere.

Regards

downwithsantander

Why sensible, just because I have other two properties.

Sensible is to deny if my credit score fails or if I cannot afford the payments which I can.

Regards

downwithsantander

thanks for post.
Once they said that initially, we offer to do that but told that the ndecision would stand as they are not convinced that I wasn't going to rent the house

Regards

downwithsantander

I think you are right.
Having said that this I view as a long term investment instead of having to pay rent and I think that he would agree to that being more sensible than renting if the mortgage and the deposit are affordable which they would be.

Regards