Buy to Let my property refused by mortgage lender - so what is my next move????

UK007BullDog

A lot of people do let their mail get to their property and are registered there whilst they live with parents or friends/partners. They have a seperate mailbox installed and yes some do fall foul of fraud.

But I guess some people will do anything to benefit from a residential mortgage or lets say they want the whole cake and eat it too.

PasturesNew

Tenants will and do open a landlord's mail.
And if they're annoyed at the landlord for anything, will be very tempted to grass them up.
There was a thread here in the last 2 weeks where somebody had been fined £1000 and asked to instantly go onto the higher rate BTL mortgage.... and they got off light as it was "allowed" for them to transfer to a BTL.

Every day/week here now we are seeing an increasing deluge of "opened landlord's mail - being repossessed - bailiffs coming in 2 weeks - HELP!!" postings.

These aren't landlords, they are thieves, crooks and charletans, turning people's lives upside down. They should be pubicly culled. I'd like to see them turfed out of THEIR house immediately to house their tenants until the end of the tenant's agreement .... that'd sort a few out! There should be an immediate £2000 fine imposed - cash or the bailiffs come in FIVE days - to hand over to the tenants for the distress/financial loss....

Good tenants being turfed out, having paid rent for the month, will need to lay their hands on SERIOUS cash (IF they can find somewhere to move to) for: Agent Fees, New Deposit, new rent up front. I think an instant £2000 in five days would be a great sweetner... maybe Landlords should have to pay a deposit into the Deposit Protection Scheme which is immediately paid out to tenants in such a case

[Deleted User]

Landlords are thief's?

Dont you mean they are the salt of the earth for subsidising accommodation for those that otherwise would not be economically viable for accommodation. Talk about the tenants having their cake and eating it :P ungrateful sods

motch

If you can't rent your property out how about moving back into yours and renting out your girlfriends property ?

Also regarding the estimated value of the apartment at £125k, perhaps this is too high with all the troubles with overdevelopment in some big towns / cities ? or at least that may be how northern rock see it.

herbiesjp

But the OP can re-mortgage on a BTL mortgage no problem based on the figures - so no need de-fraud any lender

danol21

Thanks all for your comments and thoughts:

I have no intention of renting out my property regardless of northern rocks refusal to consent to let. Just incase anything does go wrong!!

So if you lot were me, what would you do?

Thanks again in advance

Dan

herbiesjp

danol21 wrote: »

Thanks all for your comments and thoughts:

I have no intention of renting out my property regardless of northern rocks refusal to consent to let. Just incase anything does go wrong!!

So if you lot were me, what would you do?

Thanks again in advance

Dan

Simple - find a lender that does allow it.

Take care to make sure you look at the penalty scenario very carefully, and make sure the figures work out for you though

Francophile

Is this allowed? I thought you weren't allowed to advertise.

herbiesjp

YOu are not

You might want to delete you quote other wise you will still be advertising for them once it has been removed

danol21

I have spoken to Northern Rock just and for me to leave now early from them i would incur charges just approx £ 3,700!!!!

Also i made a boo boo earlier, my mortgage is actuall £99,052 not 90k as i first said. SO my LTV is £99,052 (Loan) against £125,000 (Value).

So, does this literally mean i am stuck with them for the time being and so cannot rent out my property at all?

Are there mortgage lenders that would pay the charges for me?

Dan