16:03 PM, 12th May 2022, About 2 months 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”.