16:03 PM, 12th May 2022, About 2 weeks ago 2
Has anyone else found that since the financial crash of 2008 you are unable to get so much as a credit card?
We previously had our mortgages in business loans with a single lender. This loan didn’t appear on our personal credit searches and we had no trouble getting credit approved for personal lending such as car loans, overdraft facilities or credit cards. Since 2008 our lender (Yorkshire Bank) withdrew from the property business sector and we were forced to remortgage all our BTLs individually with various lenders and now each and every mortgage appears on our personal credit records.
I bought a new car in 2020, intending to take out finance with the dealership, and had to pay in full in cash because no lender would touch me for a personal loan! I opened a new current account with Nationwide, using the account switch and was refused an overdraft facility, despite having had a long-standing overdraft facility and credit card with my previous bank.
I know this is fairly low down on the list of negatives of being a full-time landlord these days, but I can’t be the only one. Lending software, just sees a huge amount of debt and looks at your post business expenses income and says “high risk”, “Computer says NO”.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|