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Declined for Remortgage
Lbuk
Posts: 72 Forumite
Hi. We bought a house for £1.2M last year and it is a fixer upper.
We have a bit of savings and some investments but decided to attempt to remortgage £150k instead through a broker.
They seem to think we meet the requirements but the first lender came back saying that our outbuildings are too large. They didn’t ask about them so can only assume they looked on Google maps.
It seems like a bizarre thing to refuse a mortgage on.
They are essentially a terrace of five single garages with an adjoining large wooden shed. Used by the previous owner to dabble with classic cars.
Can anyone explain it to me please?
We have a bit of savings and some investments but decided to attempt to remortgage £150k instead through a broker.
They seem to think we meet the requirements but the first lender came back saying that our outbuildings are too large. They didn’t ask about them so can only assume they looked on Google maps.
It seems like a bizarre thing to refuse a mortgage on.
They are essentially a terrace of five single garages with an adjoining large wooden shed. Used by the previous owner to dabble with classic cars.
Can anyone explain it to me please?
0
Comments
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How much of the garden is taken by the out buildings ?0
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It sounds like the surveyor who carried out the inspection is concerned about possible commercial use.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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As kingstreet says, its not the outbuildings its the fact that you are applying for a residential mortgage and there is a concern it could become mixed residential and commercial use.
Your broker knows about the issue now, they should be checking this with lenders.
Usually one lender refusing something is not the end of the world. It just means your pool of lenders could be a little smaller than you would like.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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