Nationwide BTL Mortgage Survey

ukri

OP, if you really want to buy this property, as opposed to accumulating wasted hard-footprints on your credit report, you need an appropriate lender which is not going be cheap as chips. Find a BTL MB, you are clearly out of your depth.

khatif

ukri said:

OP, if you really want to buy this property, as opposed to accumulating wasted hard-footprints on your credit report, you need an appropriate lender which is not going be cheap as chips. Find a BTL MB, you are clearly out of your depth.

I have a MB who is dealing with the applications. Perhaps need someone more specialised in BTLs though.

ukri

I’m curious, what do you mean by dealing with applications? Did they not recommend that you apply with tmw and now santander 

khatif

Yes, they recommend these lenders and placed the applications on my behalf

khatif

K_S said:

khatif said:

K_S said:

khatif said:

Sorry, it is TMW.
Surely they wouldn't actually think it would be let in the condition it is currently in. Nobody would want to live in it as is. We've got it at a really good price as it is needing work.

@khatif Well, there you have it. "must be in a lettable condition, to be determined by the valuer". Most mainstream lenders will value it in the same way. You could try another mainstream lender or a specialist option that meets your requirements and then remortgage later on.

I've made application to Santander this morning. Hoping they use a different surveyor 🤞

@khatif I hope you have better luck with Santander, this is their valuation criteria -

We will accept properties that our valuer considers:

• suitable for marketing as an owner-occupation property without alteration
• acceptable for mortgage purposes by mainstream lenders.
• capable of being let/re-let within a maximum of three months.
• capable of selling within six months.

Do update the thread on how it goes. Good luck!

Just an update to say Santander have gone to offer 🥳

khatif

ukri said:

OP, if you really want to buy this property, as opposed to accumulating wasted hard-footprints on your credit report, you need an appropriate lender which is not going be cheap as chips. Find a BTL MB, you are clearly out of your depth.

Santander have gone to offer on the property 🥳
Not quite as out of my depth as you very kindly put it 😜