Help - if possible

Discussion in 'UK Property' started by Henchcliffe31, Nov 28, 2013.

  1. Henchcliffe31

    Henchcliffe31 New Member

    Hello - i currently have 2 properties on buy to let mortgages and i have managed to save up for a third. i am having trouble getting finance from lenders?

    is there anything that anyone could advise?

    Thanks
     
  2. totallyproperty

    totallyproperty Administrator Staff Member

    Hi Henchcliffe31

    First of all, welcome to the forum.

    This is a tricky one as the Help to Buy scheme has opened up finance in some areas of the market but probably not the area you are looking to. Away from the Help to Buy scheme the banks are looking for larger and larger deposits before they will issue finance although if you able to back you application with some form of asset guarantee this might help?

    Have you taken professional financial advice?

    Regards,

    Mark
     
  3. Henchcliffe31

    Henchcliffe31 New Member

    Firstly, thank you for your response - much appreciated.

    When you say asset guarantee, can i use my other properties for that? I have necer missed a mortgage payment but it seems that lenders are refusing me, i think unfairly.

    Thanks again for the response
     
  4. Veronica

    Veronica Administrator

    Your other properties can only be used as asset guarantees if you have adequate equity in them. If their value is not much more than the amount of mortgage remaining it is doubtful that they could be used.
    Mortgage lenders are being far more cautious than in the past.
     
  5. Henchcliffe31

    Henchcliffe31 New Member

    Again, thanks for the response.

    I owe around 60k on a 85k property and 82500 on a 120k property.

    Would this be enough? Also my latest attempt is with Barclays? Is it a specialist mortgage provider or is asset guarantees only something certain lenders do?

    Thanks
     
  6. totallyproperty

    totallyproperty Administrator Staff Member

    Hi

    If I was in your situation I would look for professional financial advice armed with all of the information you have given us on the forum. If you can structure a deal which gives you an acceptable interest rate for any form of guarantee you are able to offer then you will have a decision to make - do you go ahead or not.

    Good luck - it is a shame in many ways that cautious investors are now paying the prices for the loses the banks incurred from aggressive investors who over extended themselves in the good times and got shot down when the markets turned.

    Regards,


    Mark
     
  7. totallyproperty

    totallyproperty Administrator Staff Member

    Hi

    If I was in your situation I would look for professional financial advice armed with all of the information you have given us on the forum. If you can structure a deal which gives you an acceptable interest rate for any form of guarantee you are able to offer then you will have a decision to make - do you go ahead or not.

    Good luck - it is a shame in many ways that cautious investors are now paying the prices for the loses the banks incurred from aggressive investors who over extended themselves in the good times and got shot down when the markets turned.

    Regards,


    Mark
     
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