Son having difficulty getting credit with his name on a joint BTLMake Text Bigger
My son has come up against a credit problem which, to be honest, has me and my accountant stumped.
I have a number of buy to lets, and put his name on two of them never in a million years thinking I was going to create problems for him. He contributed nothing to these, and he’s never had any involvement in either – I pay all the mortgage payments out of my property bank account and collect the rents – until he opted to buy out my half of one so that he could live in it.
This involved replacing the existing mortgage for a residential one – an easy thing one would have thought except most lenders wouldn’t entertain him on account of the BTL on the other property.
We managed to get over this hurdle a month ago and the purchase has completed. However his woes continue as he has now had his application for a new mobile phone turned down on account of insufficient income to support his current outgoings even though we have neither ever defaulted on a payment for anything.
I wonder has anybody else come up against this please and how did they resolve it?
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