Most common restrictions applied by some mortgage lenders

dan_first_time_buyer

Hi All,

What are the most common restrictions applied to mortgage lenders on the property you got a mortgage for (e.g. with lodgers, house renovation, ...).

In other words, when I am going to shop around for mortgage what I should ask about (regarding restrictions)?

Thanks,
Dan

csgohan4

I think the question is what are you worried about, Mortgage lenders don't publish their full criteria as they are commercially sensitive.


If your worried, see a whole of the market broker who will get a lender suited to you

[Deleted User]

Lenders will publish general criteria but their overall attitude to certain cases goes up and down through they year depending on their business mix.
For instance if they have lent too much at 5% deposits they will increase their credit scoring requirements in this area to reduce the numbers coming through.

Ubless you are dealing with the whole market on a day to day basis its impossible to get a feel for which way lenders are leaning.

As above, if you are worried about a particular thing a broker will help.

It is very rare not to be able to place a case somewhere. It just sometimes ends up in a place where the client doesn't want to pay for the I creased risk they represent

Also, what were you expecting from this? There's well over 75 lenders in the UK. You want us to type out the full published and unpublished criteria for every one of them?

ACG

A lot of their criteria is on their website.
If there is anything in particular that is a concern/outside the norm, you need to specifically check that with the lender.

Restrictions (if I understand your meaning) varies from lender to lender.

davidmcn

dan_first_time_buyer wrote: »

What are the most common restrictions applied to mortgage lenders on the property you got a mortgage for (e.g. with lodgers, house renovation, ...).

As above, what is it you're actually concerned about? e.g. "house renovation" - no lender is going to give you carte blanche to do whatever works you like to the property, so if you're contemplating significant e.g. structural works, extensions, subdivision etc, you can expect a requirement to get lender's consent. I'm not aware of any significant difference between lenders on that point.