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Why do some lenders not allow BMV properties?
Newheight13
Posts: 246 Forumite
Hi,
Anyone know why some lenders don’t allow you to obtain a mortgage on BMV properties? Surely it’s less risk to them?
Anyone know why some lenders don’t allow you to obtain a mortgage on BMV properties? Surely it’s less risk to them?
Thanks
0
Comments
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It's less risk in terms of LTV, but massively increases other risks. If you are a bona fide purchaser for value without notice, then no-one can unwind the transaction. If you aren't, they might be able to, in which case the lender loses his security. You can see why lenders may not want to risk it.2
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