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BTL - Property considered unsuitable security
KennyH1
Posts: 224 Forumite
We currently own a flat and are looking to move it to a buy-to-let mortgage.
Natwest have sent out a valuer who considers the flat unsiutable security for the lender (Natwest) as prospective buyers would not use the flat as their main residence. Our natwest mortgage adviser said she had never heard of this before.
The valuer also said the property would be considered suitable security by the majority of lenders.
How can i find out which lenders would consider the property suitable as it seems to be down to their requirements sent out to the valuer and general advisers may not know.
Natwest have sent out a valuer who considers the flat unsiutable security for the lender (Natwest) as prospective buyers would not use the flat as their main residence. Our natwest mortgage adviser said she had never heard of this before.
The valuer also said the property would be considered suitable security by the majority of lenders.
How can i find out which lenders would consider the property suitable as it seems to be down to their requirements sent out to the valuer and general advisers may not know.
0
Comments
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You can sometimes send a copy of the report/google maps photo/address to people like Eserv, colleys etc and ask them.I am a Mortgage AdviserYou 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 like the valuer thought he was doing a residential, not a BTL.
Was any rental income assessment done?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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