Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
Last year I was in the process of identifying a good interest only re-mortgage – nothing out of the ordinary – just over 55% LTV; bags of rental cover, clean title and excellent credit score – By the time I was ready to move I had reached 70 years of age and all of a sudden every option on the high street fell apart because of it.
The CML office told me it was unlawful for their members to discriminate in this way and that they shouldn’t do so; but in the next breath said they had no control over their members on this matter and couldn’t (most likely wouldn’t) say where to complain to
I eventually had to resort to a commercial mortgage where everything is substantially more expensive with no freebies like valuation; legals, etc.
I think I understand how this scenario came about (viz. on the back of Central Gov’s fear of a interest only bubble in the residential market) but for it to cross overto BTL is sad and of course discriminatory.
By the way, I’ve been a Landlord for over thirty years (12 tenancies) – do everything myself; never had to evict; and seldom had a problem with arrears (touch wood)
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