Lender holding back full amount.

ReadingTim

Sounds like you need to put it back on the market, and only accept offers from owner occupiers, rather than investors (or at least, investors who require a mortgage).  

Falafels

Years ago, my partner and I applied for a mortgage on a property which needed a bit of work; this was reflected in the asking price. When the offer came back, they were going to retain the entire purchase price until certain works had been done. We told them politely to Foxtrot Oscar, and found another lender who was prepared to give us a mortgage.

If your buyers can't get a mortgage, they can't get a mortgage. If I were you, I'd find a buyer who can!

Mrs_pbradley936

As others have said you have very different laws to comply with if you want to let a property v living in it yourself. I would put it back on the market and sell it to someone that wants to live in it if you want your asking price.

m0bov

As the others have said, get it back on the market and make clear to your agents you don't want BTL buyers.

grayson

When did BTL regulations change? As he has many properties in our town which he has purchased and renovated. I would have thought he would know the type of mortgage to apply for.

MikeJXE

grayson said:

When did BTL regulations change? As he has many properties in our town which he has purchased and renovated. I would have thought he would know the type of mortgage to apply for.

Just a bit of bad luck on your part, you weren't to know. Good luck next time 

AlexMac

Lenders; donchaluvvem?

Like Falafel (and, presumably, your buyer) I was once promised a mortgage by my Bank on a wreck I was buying- then let down.  The week before completion, when, after survey, they imposed a 100% "retention" (i.e. no dough) pending the outcome of four surveys which I was supposed to commission and pay for; 1,timber & damp, 2,roof, 3,full structural and 4,trees survey (there weren't any trees other than a 100-year old one in the street 6 metres away for fcuksake!).  Another lender came good and bailed ne out in amazing short time!  So Thanks Halifax, for saving my non-returnable deposit , and the purchase! The original Bank was the Natwest. OK I was daft to buy at auction (as I did) without funds in place, but I got away with it.  Never forgave Natwest, however, as you can tell, as I'm still whinging about it over 25 years later.

Hope you find a new buyer or your old one finds a new lender!