We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Btl
Comments
-
If you look at the small print however most BTL lenders reserve the right to review the loan.
Have you got a link to an appropriate list or evidence that most BTL lenders have such a (STITF) clause.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Gorgeous_George wrote: »Have you got a link to an appropriate list or evidence that most BTL lenders have such a (STITF) clause.
GG
It is not a case of having a list, it is standard boiler plate for business loans.0 -
:wall:
Standard BTL mortgages, secured on individual properties, by major high street lenders, do not have these restrictions.
:wall:I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
:wall:
Standard BTL mortgages, secured on individual properties, by major high street lenders, do not have these restrictions.
:wall:
You are wrong and you are naieve.
Lenders have weasel words in mortgage contracts. These don't have to make any specific reference to reviewing LTVs, but they will claim that right when the need arises. If they think their loan is at risk, they will move in like sharks.
If you don't believe me, look at what is happening to some buyers at the moment. Lenders are using weasel words to withdraw firm mortgage offers after exchange of contract. As a result, hapless 'would be' buyers are losing deposits of £20K and more. You would say that they have a binding contract but lenders will always find justification in the small print.0 -
It is not a case of having a list, it is standard boiler plate for business loans.
This is where you are wrong. My BTL mortgage came with a 22 page document entitled "standard terms and conditions for mortgages on residential properites". The mortgage offer itself detailed that the offer was for a let property and the borrower entitled to take tenants on an AST. That was a one page document with no nonsense about the borrower paying for valuations and the lender being able to demand repayment at whim.
This from a major high street bank, so I have no reason to believe any other high street lender would be different.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I was looking for the "below 30%" option.dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
That is more cynical.IveSeenTheLight wrote: »So cynical some people are they cannot keep to the topic question.
Makes you wonder if they will / have screw up the poll as well (who has the LTV on a BTL above 100%?
My properties are both less than 60% and I'm working hard to reduce this further
Whereas what I said was humorous, yours was a direct cynical and negative comment.0 -
This is where you are wrong. My BTL mortgage came with a 22 page document entitled "standard terms and conditions for mortgages on residential properites". The mortgage offer itself detailed that the offer was for a let property and the borrower entitled to take tenants on an AST. That was a one page document with no nonsense about the borrower paying for valuations and the lender being able to demand repayment at whim.
This from a major high street bank, so I have no reason to believe any other high street lender would be different.
See my post above. I'm not going to name the lender concerned, but it was a major high street lender, and it did have such a clause. By your logic above, I could claim that because my paperwork included this, then all must.
This would clearly be incorrect as your paperwork proves otherwise. So why would you claim that because your paperwork doesn't have such a clause, the same must be true of all high street lenders, when I have provided an example of how this is certainly notthe case?.0 -
You'll be working hard to keep it less than 90% soon!
:rotfl:
:rotfl:
:rotfl:
:rotfl:
:rotfl:
:rotfl:
:rotfl:
For my properties to go less than 90% LTV would mean valuation drops of approx 56% & 62%.
It just aint going to happen that far
:rotfl:
:rotfl:
:rotfl:
:rotfl:
:rotfl:
:rotfl:
:rotfl::wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
If prices can go up by 300% or more (I know plenty of properties that have gone over 500%) in the last 10 years or so, then they can just as easily drop by 50% over the same period.
Why is it some people imagine that huge price movements can only ever happen in one direction?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards