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Claire Ferguson

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  1. Thanks all. The lender is not issuing a valuation report as the mortgage offer was declined. However, they have been in contact with the surveyor and they have said the property needs a full refurbishment; new kitchen, bathroom, update to fixture and fitting and external areas to be maintained. No other mention of the number of properties we own or income related issues. The lender is suggesting we use a short term finance product which is a new thing they have launched and then switch into a BTL once the work has been done. Sounds like a way of them making more money than the standard BTL to me!? However, this doesn’t stack given the number and funds we have. So I think we are going to look for another lender and consider a bridge if is declined. Fingers crossed it won’t!
  2. Hi Dennis, Thanks for replying. We were planning on buying the property with a BTL mortgage, which we have the deposit for. We do not need bridging loan but have heard there is a minimum of £20k and this may be the only way of getting a refurbishment type product to purchase the property? The price is a little lower than the average for a 3 bed in the area but not substantially. hope that helps to make things clearer...
  3. Hi Everyone After some advice and wonder if other investors have come up against the same issue and how they manged to get round to it. I am currently buying my 3rd investment property and the Valuation was completed last week. My broker called me today with the unfortunate news that the lender is not willing lend on the property and it is in a poor state of repair and has not been properly maintained and are deeming it 'un-lettable', therefore unwilling to give us a BTL mortgage. The property is very cluttered and does need a cosmetic update, however there is currently an owner occupier living there and both myself and the agent are surprised with the valuation result. Given that I am purchasing the property with my brother who is also a builder and having both viewed the property in person, we have been taken by surprise as the kitchen and bathroom are fully functioning. We are considering a bridge, however I have heard there is a minimum bridge loan of £20k and we wouldn't need that much so don't want to pay for something we don't need to borrow. Any advice welcome.... thanks in advance! Claire
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