Buy to let Mortagage declined because of plausibility

Jafyjafy

Hi there I was wondering if there’s anyone can help me on here. 

I have applied for my first buy to let mortgage with a lender Coventry. 

They have done a hard search on my AIP and I have passed and a full application was submitted to them successfully. 

However they have now come back and raised questions that due to plausibility they will decline my mortgage, due to the fact that my residential property is value less and that all my correspondent was at my parents address as I never changed them as I didn’t see any problems till now and I have now changed them approx 2 months ago. 

New property is further away from my work place and adds an extra 16 miles per day and about an hour of drive and currently I’m only 10 minutes away from my work. 

I see that as a gray investment and I got the property reduced by 60k and is a perfect property with a great rental achievement. 

I have provided a full letter explains the situation to the lender and I have asked for their decision to be reviewed, I have even a tenant lined up and the agency whom I’m buying it from will be conducting all the references and take deposit them self and they are a big estate agency.

what do I do here? There’s no point having ur money in the bank as the interest is poor and that I have made this decision to buy but yet due to the plausibility I have been declined!!
is there anything I can do, my broker is in disbelief especially with my job as I do know the consequences of misleading information and what impact it could have on my career and I have explained that but yet they aren’t interested,!! What to do any help is much appreciated it many thanks 

K_S

@jafyjafy It happens, unfortunately. Not much you can do about it with Coventry. They're not saying you've lied, just that the risks of this not being genuine is higher than they can stomach. Which doesn't necessarily mean that all BTL lenders will see it the same way.

FTL apps are always scrutinised quite minutely and it needs to be placed with the right lender. It's quite unusual that you've got such detailed lender feedback on the reasons for the decline.

What is your broker suggesting as a next step?

Jafyjafy

K_S said:

@jafyjafy It happens, unfortunately. Not much you can do about it with Coventry. They're not saying you've lied, just that the risks of this not being genuine is higher than they can stomach. Which doesn't necessarily mean that all BTL lenders will see it the same way.

FTL apps are always scrutinised quite minutely and it needs to be placed with the right lender. It's quite unusual that you've got such detailed lender feedback on the reasons for the decline.

What is your broker suggesting as a next step?

Many thanks for your reply.

broker asked me to write a full explanation admixture forwarded to to him as he is planing to go and challenge their decision. 

For me to move in to the property makes no sense whatsoever as it will not be practical for me to go to work and back. 

Any lender you can think that are not so difficult to go with? Anyone has to start somewhere and not all of us are trying to lie and gain for ourselves, especially with my job and I have explained that i have already told my employers that I am purchasing a property as it will be a second income. 

Any suggestions?

K_S

@jafyjafy Sorry, I just don't know enough about the case. I'm sure your broker will sort it out eventually, good luck!

Thrugelmir

Jafyjafy said:

due to the fact that my residential property is value less and that all my correspondent was at my parents address as I never changed them as I didn’t see any problems till now and I have now changed them approx 2 months ago. 

Where were your registered on the electoral roll at , your property or your parents? 

Jafyjafy

Thrugelmir said:

Jafyjafy said:

due to the fact that my residential property is value less and that all my correspondent was at my parents address as I never changed them as I didn’t see any problems till now and I have now changed them approx 2 months ago. 

Where were your registered on the electoral roll at , your property or your parents? 

Now I am at my own address and have provided a letter to the lender stating that I am registered to my own property!!