Would me being a guarantor effect remortgage approval?

M47

Hello,

I have hit a dilemma as currently have low cash flow at the moment as I am transitioning my financial situation.

 I am in the process of remortgaging a BTL property, all was going great, I passed the underwriting stage and all that was left was the property valuation. The same tenant has been living there for the past 4-5 years. When he entered the property it was immaculate, long story short he has ruined my house!!! The valuer fed back to the lender detailing that the property was in an extremely run down state. The lender has now said that they will not lend until the property has been renovated.

They said I’d need to put in a new kitchen, bathroom and complete refurbishment.


The annoying part is that I am in a chain in purchasing another property and needed the funds from this remortgage to buy this other property.

I know it’s generally not a good idea to take out a personal loan right before obtaining another BTL mortgage but, I must quickly refurbish my current BTL in order to remortgage and release funds to buy this other property.

I had recently posted another similar thread, enquiring about me taking out a personal loan, however I feel that this may not be a good idea right now, however if a friend or family member took this loan for me in their name, but I acted as a guarantor, is this option likely to effect my next BTL purchase that I need to obtain within the next month?

it’s only a small amount I’d need, like around 10k.

Any advice on this dilemma would be greatly appreciated.

 Thank you 

silvercar

Is the LTV low? If so you may find a lender who does a paper valuation or a drive by.