virgin money, let me down !

ads2312

Hi
Just been trying to get a BTL mortgage on one of my flats and have hit a problem. It's owned outright.
We applied in my GF's name as she has a decent job earning above the required amount for the BTL. I'm self employed and dont have the accounts yet so was just put on in name as we bought it together. Everything going smoothly until the last minute and it got turned down because I submitted a business account by mistake for the payment to come out of (even though they said it didn't matter where the money was paid from). They said they don't lend to businesses even though they are not. Tried to explain and changed but got turned down again. Think we were miss advised so is it worth taking them to the financial ombudsman to get fees back ?
Looks like Virgin is done with now ! anyone know if this will make any difference if we try another lender. Obviously we won't make the same mistake again but hope it won't affect our good credit rating ?
Thanks

ACG

What have you been miss advised on?

Im sure there will be other lenders for it.

ads2312

only on the what account the money came from, could have come from any of our accounts but sent the wrong codes etc. We could have changed it before submitting but they said it didn't matter at time.
i'll suck up the fees (about £270) and call it a lesson learnt but my main worry is it will show up if we re apply. It's a shame as Virgin was a good deal and not many similar. TMW look ok

Thrugelmir

ads2312 wrote: »

Everything going smoothly until the last minute and it got turned down because I submitted a business account by mistake for the payment to come out of (even though they said it didn't matter where the money was paid from).

There's no certainty that this was the actual reason for the decline. Until a mortgage offer is made there's no certainty.

ACG

I suspect that they could argue that a business account is not your account but the businesses - you being the business is irrelevant.

I think youcould spend a long time arguing that with them and get nowhere.

ads2312

yeah think the same, as long as i can get another one i'll be ok. thanks

Thrugelmir

As long as you don't apply solely in a mortgage in your GF's name for a property you own jointly and request that the payment be made from an account of yours. Then things may go a little smoother. Underwriters require clear sight.