Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
Just in case you are not aware of Lloyds three mortgages rule here’s how it caught me out.
I bought a run down terrace house last year to refurbish and wanted to sell once complete. However, to finance a new opportunity, which came along to soon, I decided to get a buy to let mortgage with BM Solutions.
I was offered the mortgage in principal subject to valuation so I paid the valuation fee of over £400 and had the property valued. It all came back fine and I was sent a mortgage offer last week.
Yesterday I had an email telling me that the offer was now withdrawn as I had three mortgages with the group and could not have a fourth. Apparently BM Solutions are part of the same group as Cheltenham & Gloucester, Halifax and also Bank of Scotland, AKA the Lloyds banking Group.
I did not want anyone else to fall into this trap .
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