Assessment Team

travellingred

Thrugelmir wrote: »

How long has the property been let under CTL?

About 18 months.

kingstreet

Practically every lender is tightening its stance on commercial activity carried out on residential lending rates.

Although you have consent, if the lender feels it's no longer appropriate to give you the ability to increase what you owe, it would appear to be adhering to the kind of responsible lending policies the FCA wants to see...

travellingred

kingstreet wrote: »

Practically every lender is tightening its stance on commercial activity carried out on residential lending rates.

Although you have consent, if the lender feels it's no longer appropriate to give you the ability to increase what you owe, it would appear to be adhering to the kind of responsible lending policies the FCA wants to see...

I'm all in favour of responsible lending. However, not taking into account income and then deeming a loan unaffordable is nonsensical.

Goldiegirl

You hadn't indicated anywhere in your posts that you wanted to increase you borrowing, so does it really matter that they've put a cap on your account?

It isn't really going to affect anything. You can just carry on as normal, which sounds as if you are slightly ahead of where you need to be.

travellingred

Goldiegirl wrote: »

You hadn't indicated anywhere in your posts that you wanted to increase you borrowing, so does it really matter that they've put a cap on your account?

It isn't really going to affect anything. You can just carry on as normal, which sounds as if you are slightly ahead of where you need to be.

It's the principal as much as anything. The idea of the flexible mortgage is just that - flexibility. They want to reduce my limit now, and then continue reducing it on an annual basis, based upon completely flawed financial data.

My annual income is 80% of my outstanding balance and they claim it's unaffordable - joke!

Senior_Paper_Monitor

You could argue that the principle is also that they provided you a residential mortgage which you now (and in recent years) wish to use as investment funding - perhaps asking for that to also be flexible funding for other activities as you see fit is expecting a little too much.

travellingred

Senior_Paper_Monitor wrote: »

You could argue that the principle is also that they provided you a residential mortgage which you now (and in recent years) wish to use as investment funding - perhaps asking for that to also be flexible funding for other activities as you see fit is expecting a little too much.

Fair comment. But if they didn't want to do that they should have rejected my request for consent to let, which they were entitled to do. Seems to me that they are just trying to move the goalposts now.

Thrugelmir

Goal posts have been moved. Mortgage Market Review has seen to that. Lenders have no option but to review their policies.

When RBS announce their results shortly you'll understand why the whole business is being overhauled and contracted.