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BTL remortgage
SophieLoui23
Posts: 199 Forumite
Stressed to the max with a BTL remortgage, off of a bridging loan, and it's taking up most of my thoughts each day so need somewhere to vent, rant and keep a track of the progress.
Bridging loan ends beginning of Feb, have had the valuation on the property which was fine. However, the new lender has asked for a tenancy agreement, ARLA letter etc and I cannot get a tenant in place until off the bridging loan and cannot secure a tenant until I can give them a confirmed date of when they can move in. Unbelievably frustrating.
Plan to try and get round this:
Speak to estate agents to get a rental valuation (book in tomorrow)
Obtain ARLA letter (Monday / Tuesday?)
Send to mortgage broker with additional details that lender has requested (as soon as ARLA letter received)
Then cross everything that the lender is happy with that, offers a full mortgage offer and the remortgage conveyancing goes through quickly. I feel like I need a miracle to get it through within the month but trying to remain positive.
Bridging loan ends beginning of Feb, have had the valuation on the property which was fine. However, the new lender has asked for a tenancy agreement, ARLA letter etc and I cannot get a tenant in place until off the bridging loan and cannot secure a tenant until I can give them a confirmed date of when they can move in. Unbelievably frustrating.
Plan to try and get round this:
Speak to estate agents to get a rental valuation (book in tomorrow)
Obtain ARLA letter (Monday / Tuesday?)
Send to mortgage broker with additional details that lender has requested (as soon as ARLA letter received)
Then cross everything that the lender is happy with that, offers a full mortgage offer and the remortgage conveyancing goes through quickly. I feel like I need a miracle to get it through within the month but trying to remain positive.
0
Comments
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Why can’t you have a tenant lined up in advance? Quite common to have a tenant signed a week or 2 before the tenancy start.
in fact,I don’t see why you don’t get a tenant asap. What’s the worst the bridging loan company can do? Require you to redeem their loan?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I had my broker provide the lender an example tenancy agreement (NRLA) which I would use after selecting a tenant, as there was no tenant in place at the point of mortgaging. In my view, not having a tenant in place wouldn't be unusual, surely having a void at point of remortgage could be part and parcel of letting...
I presume that the template tenancy agreement that I provided the lender demonstrated to them that the terms aligned with their conditions as this was accepted and the mortgage completed.
Of course, it may be exactly as you describe but I am just speaking from my own experience.0 -
I can see the problem - if you engage a tenant now and they give notice at their current home and you are delayed then they have nowhere to live for a short time. Are you able to install a tenant on the bridging loan timescale?
Another option is to advertise for a tenant and see who is interested - anyone who is. for example; living with parents can be flexible about move in date0 -
Who on earth put you in this position?? Did you not take advice ?? Sorry to read your story.0
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