Mortgage declined

manlovestreet

fewcloudy...
Thank you for your advise.
I will look into consulting a broker and take it from there.


foxy-stoat...
The truth would be debt consolidation (borrowings made to purchase the property)


Thrugelmir...
Thank you for your advise.
Remortgages (or equity release) have better rates than loans. And if I own a home outright, and wish to consolidate debt (borrowings which enabled me to purchase the house outright) I would assume this reason would be good enough for a remortgage.

manlovestreet

What I still don't understand is that Barclays valued the property at £95k for a residential mortgage (but as I already have a residential mortgage on another property) they offered 25% LTV.

But as soon as I switched to a buy to let mortgage, another survey was carried out and the down valued it by £10k and now it uninhabitable due to £3.5k remedial work ultimatelydeclining it on this property

If I didn't already have a residential mortgage I would have obtained one on this property and no problems would have occurred.

kingstreet

There is no "readily lettable condition" requirement for a residential. Although that is now moot.

As I said earlier, there are "light-refurb" products available in the BTL market and that is what you should be looking for if you are going to try to do this yourself.

There's a very good reason why over 70% of mortgages are arranged by brokers and I suspect it's a lot higher than that in the BTL market. We just know the lenders who are going to want to lend in certain circumstances.

I'm surprised you didn't get some pointed questions applying for a residential mortgage as this doesn't sound like a property you intend to inhabit...?

manlovestreet

I was upfront with the mortgage adviser in the bank.
I would live in the property if a residentail mortgage can be secured.
And if a buy to let is avaiable I would rent out the property.

I think it is time to visit a mortgage broker