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NRAM consent to let, please help!
perpetualpauper
Posts: 7 Forumite
Hi,
I'm looking to find out if anyone has successfully gained CTL with high loan to value, I doubt very much we are any where near 70% they require. We do meet every other CTL criteria, and can comfortably gain around 130% of mortgage in rent every month.
I have sent my application but the wait is making me feel ill!
We have a place to move into in less than a month, renting, and a tenant waiting for our place. Our main reason for moving is we have lived in a one bed flat for two years with two children and can't cope for much longer.
Having sought a lot of mortgage advice this seems to be our only hope, as we would never make or be able to save enough for a deposit on a larger home.
What if they say no? Should we appeal or try to to sell ASAP, possibly with a large short fall to pay?
Please help!
I'm looking to find out if anyone has successfully gained CTL with high loan to value, I doubt very much we are any where near 70% they require. We do meet every other CTL criteria, and can comfortably gain around 130% of mortgage in rent every month.
I have sent my application but the wait is making me feel ill!
We have a place to move into in less than a month, renting, and a tenant waiting for our place. Our main reason for moving is we have lived in a one bed flat for two years with two children and can't cope for much longer.
Having sought a lot of mortgage advice this seems to be our only hope, as we would never make or be able to save enough for a deposit on a larger home.
What if they say no? Should we appeal or try to to sell ASAP, possibly with a large short fall to pay?
Please help!
0
Comments
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well what is your LTV?0
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It's 78% according to valuation one year ago0
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There is no appeal against the decision. Letting whilst in negative equity solves nothing. The first step should be to reduce the balance you owe on the mortgage. No point in waiting in the hope that the value of your property rises.0
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If their criteria states 70% then they will decline it. Not doing so would negate the point of having criteria to begin with.0
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Ok, what would you do in our situation?0
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Well, sell it0
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If it was that easy I most certainly would!0
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perpetualpauper wrote: »If it was that easy I most certainly would!
Start paying down the mortgage.0 -
perpetualpauper wrote: »If it was that easy I most certainly would!
Why would it not be?0 -
perpetualpauper wrote: »Hi,
What if they say no? Should we appeal or try to to sell ASAP, possibly with a large short fall to pay?
Please help!
Why would there be a large shortfall if your LTV is indeed 78%?0
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