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Kent Reliance BTL mortgage
mizrahman26
Posts: 37 Forumite
Hi,
Anyone with any experience on Kent reliance BTL mortgages - how strict their lending rules are and if they will accept deposits gifted from a friend......
thanks
Anyone with any experience on Kent reliance BTL mortgages - how strict their lending rules are and if they will accept deposits gifted from a friend......
thanks
0
Comments
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Strict in what sense? Why Kent they don't tend to source too well, have you looked at other options?I am a Mortgage & Protection Broker
MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.0 -
80-85% LTV?
Im not sure about gifts from friends, it is not something I have run by them before. There are other lenders who will though.
Kent are quite quirky. I like them, but they are not the easiest to deal with, however they tend to get there.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 -
Kent is the only lender that will lend me 80% LTV on a HMO property as a first time landlord, therefore I only have them as a option even though the interest rates are slightly higher than others. u understand that they are more interested with the rental income rather than then you personal income vs out goings, correct me if I am wrong. just don't know how they will react if I say part of the deposit will be gifted from a friend and some from family members.0
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I guess general criteria will apply:
http://www.kentrelianceforintermediaries.co.uk/resources/lending-criteria/general-criteriaI am a Mortgage & Protection Broker
MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.0 -
yes I have seen that but it only states gifts from close family.......... do they do solid deposit checks from your experience?0
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Yes they do - as does every lender, solicitor and broker who wants to stay in businessHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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mizrahman26 wrote: »yes I have seen that but it only states gifts from close family.......... do they do solid deposit checks from your experience?
I can see the pattern here.
We don't meet criteria, but how can we get away with it?
It is a scenario that sets the alarm bells ringing with the Lenders with regard to money laundering legislation.
The question from the lender is 'Why would a 'friend' gift anyone money to buy an investment property?'
Try to work an angle on this and you may find yourself tagged as unsuitable for lending.
Explain the actual scenario to a Broker, and if it stacks, they may find a way to deal with it.
If it doesn't, they will tell you they cannot help you.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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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