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.
📨 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!
BTL remortgage, CTL denied
Kim.wigley
Posts: 33 Forumite
We had a residential mortgage for 4 years. We relocated, and have had our house on the market for 6 months. The residential mortgage product expired in August 18, and we reverted to Santanders SVR (which I then changed to FOR as the house was for sale and I didn't want to pay any arrangement fees etc).
House sale has fallen through, and we now need to let the property. I applied for a CTL, explaining the issues. We have a remortgage in progress with Clydesdale to a BTL interest only mortgage (I spoke to Santander, they will do nothing for me on an interest only option because they would require £150k equity). They have denied the CTL saying we have only recently changed mortgage product and therefore would have to move to a BTL mortgage with them or another provider.
My question is - what do I do in the meantime? We have lined up a tenant, we are 3-4 weeks into the remortgage process, can we let now because we ARE moving product or do I need to wait until it's all signed and transferred (and official)?
House sale has fallen through, and we now need to let the property. I applied for a CTL, explaining the issues. We have a remortgage in progress with Clydesdale to a BTL interest only mortgage (I spoke to Santander, they will do nothing for me on an interest only option because they would require £150k equity). They have denied the CTL saying we have only recently changed mortgage product and therefore would have to move to a BTL mortgage with them or another provider.
My question is - what do I do in the meantime? We have lined up a tenant, we are 3-4 weeks into the remortgage process, can we let now because we ARE moving product or do I need to wait until it's all signed and transferred (and official)?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards