Nationwide decline my Buy to Let mortgage

manuvirk

Nationwide decline my mortgage any other good lender

I applied for buy to let property valued £400000 and rent approved 1400 monthly
Loan needed £256000.00
My salary is £55000 and i have 0% credit card balance £24000.00

Nationwide given reason i have unscredored borrowing and my current financial situation is not stable.

I want advice to find good lender

Thrugelmir

Credit card balance appears wrong.

How much is the mortgage for?

kev2009

why do they think your salary is not stable? not been in the job long enough?

Kev

dimbo61

So you own a property worth £400,000 and want a BTL mortgage of £265,000 so 60% LTV.
However you have £24,000 of credit card debts ! and earn £55,000 so higher rate tax payer ( section 24 tax comes to mind )
Am I getting the full picture ?
Not sure what the yield is with £1,400 X 12 rent and £400K property 3/4% ???

Edi81

You don’t have much luck with mortgages do you?
Perhaps you need a broker rather than trying to do things yourself.

ACG

I could be wrong but I reckon the lender thinks this wont really be a BTL. You want a Mortgage that is probably not affordable on a £400,000 property.

Do you own your own residential home that you live in?
If so, how much is that property valued at?

kingstreet

Stating the obvious, but Nationwide doesn't offer BTL mortgages. Are you actually talking about the Mortgage Works?

[Deleted User]

I wanted to say the same kingstreet but backtracked incase they have funny way of doing them direct.
Perhaps OP is talking about a consent to let type situation? Purely because TMW generally wouldn't decline for financial stability (unless it's credit decline).

My assumption was either that the rent it too low for the mortgage requested, or it's a consent to let application with nationwide

Unless OP comes back then its just a guessing game really

foxy-stoat

This guy doesn't have luck with mortgages - find a broker near you and engage !

isplumm

dimbo61 wrote: »

So you own a property worth £400,000 and want a BTL mortgage of £265,000 so 60% LTV.
However you have £24,000 of credit card debts ! and earn £55,000 so higher rate tax payer ( section 24 tax comes to mind )
Am I getting the full picture ?
Not sure what the yield is with £1,400 X 12 rent and £400K property 3/4% ???

Hi

By my maths it is 4.2% £16,800 / £400,000 * 100. Seems a lot of risk for such a small yield? That is assuming that the property is fully let.

Mark

manuvirk

I dont know i am in this job since 2017