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Difficulty getting BTL re mortgage or change Credit due to how BS lent further money
Leedsman
Posts: 1 Newbie
Hi,
Can anyone advise or has been in a similar situation?
I have just been trying to get a remortgage on my BTL but a lender came back stating that I had too many secured loans on my own house. I have realised that this is because over the last 10 years I have borrowed further money for an extension, conservatory etc. and the Building Society have loaned the money as separate mortgage advances attached to my main mortgage.
This is now damaging my borrowing or I believe changing my credit card to better deals as although I show as over 99 on Experian and classed as very good companies are seeing the multiple mortgage loans against my house as a bad risk. The additional borrowing is on a fixed rate until June 2015 but I need to change some financial products now as it will save me £600 a month.
Can anyone advise or has been in a similar situation?
I have just been trying to get a remortgage on my BTL but a lender came back stating that I had too many secured loans on my own house. I have realised that this is because over the last 10 years I have borrowed further money for an extension, conservatory etc. and the Building Society have loaned the money as separate mortgage advances attached to my main mortgage.
This is now damaging my borrowing or I believe changing my credit card to better deals as although I show as over 99 on Experian and classed as very good companies are seeing the multiple mortgage loans against my house as a bad risk. The additional borrowing is on a fixed rate until June 2015 but I need to change some financial products now as it will save me £600 a month.
0
Comments
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Would this be Abbey? They have a limit on the number of secured borrowings? try another lender.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Sounds as if affordability maybe an issue.0
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