The Mortgage Works declined

Tamin_miah

Hi, I have 2 buy to let mortgages and I applied for my third one.  few months ago I got accepted and got the mortgage offer but the house was not in a good condition so I backed out. Currently I went for another house and apply with the same company with the same documentation but this time they declined my application even though few months before they offered me a mortgage, the reason for decline was implausibility criteria? What does what even mean? and do I have grounds to appeal? Thanks 

pramsay13

Do you have a broker you can ask or did you do the applications yourself?
Maybe their criteria has changed and they are being a bit stricter. Maybe they don't think the new house will achieve the rental you are projecting. You can speak to the advisor for more information. I doubt an appeal will work but maybe another lender will be possible.

K_S

@Tamin_miah It's impossible to guess what the reason may be but 95 times out of 100, an appeal for a mortgage decline is a waste of time.

Did they do a valuation at all? Did you use a broker?

If the numbers stack up, getting declined by TMW shouldn't be a show stopper.