Re-mortgage and an Existing Second Charge

DFW240980

That's not actually the case. the mortgage is 73k the house is worth 100k .My broker can secure a BTL mortgage at 80% LTV (subject to a successful app), the outstanding on my secured is 15k. The second charge lender flat out refused to consider it sighting reasons which didn't stack up me. Like i said in my previous post I'm not looking to borrow additional funds only switch provider away from NRAM for obvious reasons.

silvercar

Seems to me you have two issues, the fact that the secured loan lender won't agree a deed of postponement and that the new mortgage provider may not agree to a BTL loan with the knowledge that there is also secured lending on the property.

Basically 87k of borrowing on a 100k property isn't favourable for a BTL. If your broker is confident he can get 80k on a mortgage, why not look at getting a 7k loan elsewhere - unsecured loan/ credit card/ overdraft etc.

DFW240980

silvercar wrote: »

Seems to me you have two issues, the fact that the secured loan lender won't agree a deed of postponement and that the new mortgage provider may not agree to a BTL loan with the knowledge that there is also secured lending on the property.

Basically 87k of borrowing on a 100k property isn't favourable for a BTL. If your broker is confident he can get 80k on a mortgage, why not look at getting a 7k loan elsewhere - unsecured loan/ credit card/ overdraft etc.

Thanks for the response. I'm going to look at that in next year, I have a few historical defaults due to drop off soon so hopefully I can get something in place then. in the mean time I'll sit tight.