B&B remortgage issue

Thomas365

Hi!

The dilemma is that I run a successful B&B and have 2 mortgages with a well known High Street bank one for £120k and one £35k (interest only).

The lender is aware of the B&B and are willing to remortgage the £120k mortgage on current terms. However, they are unwilling to treat the £35k mortgage in the same way, saying that that one cannot be paid back using income from the B&B. My question is twofold:

1) why is the lender treating one mortgage very differently from the other, despite the fact the income source is the same;
2) does anyone have any suggestions about getting the lender to reconsider?

My thanks in advance for all your help.

ACG

1) Have you asked them? I can only assume criteria has changed?
2) Put in an appeal, but it is unlikely. That being said, I have been proven wrong before.

Thrugelmir

Thomas365 wrote: »

The lender is aware of the B&B and are willing to remortgage the £120k mortgage on current terms.

Not a remortage. Simply a new product.

Perhaps affordability is an issue. For the interest only element. As will need to be switched onto a repayment basis.