New mortgage with Santander

Lamenter

Hi all,

I've been trying for a while to find information relevant to my exact situation without success. Hopefully you'll bear with me and try and understand that i'm getting quite frustrated, like many other people, with the system.

Quick background:
Mortgage Company: Santander (Alliance and Leicester)
LTV: 85%
Current Deal: SVR after two years on a fixed rate
Employment status: Unemployed*

*I'm unemployed but have a steady stream of income by renting said property. So, because i'm unemployed i have to stay with my current mortgage provider.

I've been trying for a while to get my mortgage lender to offer me another deal. However, the reply i get is "there are no offers available for you at the moment". Obviously i ask what the reason for this is, to which i get the response "we can't tell you that information and we don't know anyone who can". The only logical thing i can do, without the information, is toplay detective and rule out things that could affect their descision i.e credit score (clean), debt (little), never missed a payment on anything etc... Everything i try seems fine to me, i asked if i could go on IO but they said that wouldn't be available either, ahhhhhh!!! So, i'm stuck on the SVR for the rest of my days right? There's nothing else I can do?? or anything i've missed?? Please help, i can't get anything out of anyone else.

Regards
Lamenter

Thrugelmir

Lamenter wrote: »

*I'm unemployed but have a steady stream of income by renting said property. So, because i'm unemployed i have to stay with my current mortgage provider.

With the lenders permission?

kingstreet

You won't be offered a new product on a residential mortgage used to let a property. Ensure you have consent to let from the lender and that you have the correct insurance in place.

Many BTL lenders have a requirement for a personal income on top of the rental income from a let, so you're expecting a lot for a residential mortgage lender to do something rare among the BTL specialists - take rental income alone.

If you were with Halifax, you'd be expected to switch to a CTL product at around 6% fixed for three years with a £1,000 fee. The penalty for not changing is a 1% addition to the standard rate.

Being allowed to let at around 4.8% is a reasonable deal in today's lending climate, as you would not get a buy to let product at 85% loan to value anywhere else.