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Refused mortgage because bank thinks we will rent it out
Comments
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Obviously you piled into BTL?AW618 said:
No, what's strange is you selling up to rent 20 years ago and stil trying to pretend you did the right thing. Utterly delusional.Crashy_Time said:Totally strange, the banks surely know no one is piling into BTL now?
Here's a suggestion for you. Stop posting until the crash actually arrives. After all, it will only be a few weeks, won't it, according to you. It's only been a few weeks away for 20 years, but let's not worry about that.0 -
The bank isn't necessarily accusing you of definitely doing anything. They're just saying there's a chance and they'd rather not get their money involved to find out. Its their choice whether to lend, so you can try convincing them but if they still refuse then your options are
(1) rent in the area first to demostrate the working location
(2) find another lender (perhaps via broker)1 -
We had a very similar problem at a property we wanted to buy. It was a HMO and we wanted to buy it and turn it into our family home. Unfortunately the bank didn't believe us either. The only solution was to go to a different lender and disclose from the beginning that it was a HMO but we'd take vacant ownership and we wanted it to be our home.Sorry to say, sadly, still didn't work. We got the same answer. They didn't believe we wouldn't be renting it out even though we were first time buyers and it was about 500m away from where we were renting...0
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Banks write business at the macro not the micro level. In their experience , of which they have decades to call on, people have a propensity to lie. As a consequence the lenders board will make a commercial decision to decline applications accordingly. It's nothing personal.AMJ1974 said:Unfortunately the bank didn't believe us either.0 -
Can`t see there being much support from the banks going forward TBH.dimbo61 said:Not sure about the death of BTL and student HMO BTL yet as I know someone who has purchased a few in the last 12 months.
With a good business plan, support from the banks and good rental yields plus scope to add value by undertaking major refurbishment and extensions the rental market might survive.0
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