Nationwide BTL refused – developer unacceptable

Cellbydate

Hi

After 15 days, I've just been informed by my mortgage broker, that the application for a BTL mortgage offer has been declined as the builder/developer is 'not acceptable to them', without a reason given. Has anyone had a similar experience, or suggest what the reason might be please?

Senior_Paper_Monitor

TMW (The BTL bit of Nationwide) have an approved builderrs list for new builds ....

New build Buy to Let applications
New build flats and houses are defined as:
A house/flat built within the last twelve months
A house/flat built over twelve months ago but still owned by the developer
A house/flat built over twelve months ago but the first purchase/legal completion of the property was less than twelve months ago
Applications for new build flats accepted up to a maximum of 65% LTV
TMW instructs its valuers to value all new properties (flats, houses and maisonettes) on an 'as new' basis
Builders must be on TMW’s approved list (see TMW website for more details)
If new, or built within 10 years, the security must have a warranty guarantee under NHBC, Premier, LABC, HAPM, Global Home, Castle 10, Build Zone, Build Assure, BLP, Zurich Municipal, CRL, Q Policy or have a qualified Architect’s, Surveyor’s or Structural Engineer’s Supervision Certificate (Professional Consultants Certificate).

There are about 450 builders on the list which is published and available to brokers - they are also reasonably receptive to putting established mid-size builders with established history on the list either temporarily or permanently- they generally don't like small 'one off/occasional developers'