Mortgage company will not allow me to let

Mortgage company will not allow me to let

11:43 AM, 16th February 2014, About 10 years ago 11

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The plan is to move in with my partner and let this flat out, but Halifax are very reluctant. Their attitude is unhelpful, dismissive, and borderline contemptuous. They don’t even seem interested in converting it to a BTL mortgage. (its a flat, £60K equity, £200K loan, bought 7 years ago, part repayment/part interest only mortgage. Don’t ask…).

I have three shops and 9 flats let out, needless to say letting out another would be no problem for me.

Has anyone else suffered this obstruction to their plans, and what options are there in terms of convincing the mortgage company of the low risk? Mortgage company will not allow me to let

The flat is close by our places of work, and would be convenient for me/us to use as a “crash pad” occasionally. What’s to stop me getting a lodger in, assuming the mortgage deeds don’t prohibit this, and simply not being there very often?

Thanks

Doug


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Some One

12:53 PM, 18th February 2014, About 10 years ago

With a valuation of £260,000 I'd expect the surveyor to knock that back to £250,000 at valuation time, so a £200,000 BTL with Lloyds is going to have LTV issues.

With all the other properties you have let out, can you capital raise against one of them to reduce the amount required on this one?

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