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declined mortgage

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  • declined mortgage

    had a buy to let remortgage declined as the surveyor advised for a Structural engineers report to clarify movement was historic. Even though I had this done and it was confirmed historic the lender would not lend as the surveyor could not guarantee 100% no further movement, even though the SE report confirmed it. The surveyor reported back that further movement would be highly unlikely.
    I have now been accepted with another lender and as the first survey was satisfactory on the buy to let rental income we were advised by our broker to allow the new lender to purchase this survey. At first the surveyors faxed the report to the new lender on residential paper and the ;ender had to request it to be refaxed on buy to let paper, they have now received this and the file is with the underwriters. |I am just hoping we have done the right thing in using the same survey report??

  • #2
    Re: declined mortgage

    I meant to say that the survey was first faxed to the new lender 2 weeks ago and just when they had received all proof of income etc and satisfied everything, and we thought we would get mortgage offer they then seemed to 'remember' that that had not received the survey back on BTL paper. When they had first received the survey would they have checked all bit about the surveyors comments on movement or do they tend to not look at it until it is on the proper paper?


    • #3
      Re: declined mortgage

      thanks for reply, the first lender refused outright to use the property as security, everything else i.e. income credit check was saitisfactory, but because the valuer noted movement to the property he wanted it checking out with a structural engineer. I even spoke the the valuer before instructing the SE and he said he was 99% certain it was historic but he was covering his own back. I went ahead and got the report done and the SE clarified all movement was historic and recommended that within the next 12 months I got the fron drain/gully tested/repaired if necessary. The valuer then reported back to lender that he was happy with report and any future movement would be highly unlikely. the lender wanted a 100% guarantee from the valuer that no further movement would take place, as the valuer could not guarantee 100% they declined to lend. the SE was more than happy to discuss this with the lender but they refused.
      I have written a letter of complaint to them.
      In the meantime I have now been placed with another lender, my broker advised them of the survey and the SE report they were happy to purchase this report rather than send out another valuer. The valuation was sufficient for rental income on the property as it is a buy to let remortgage, my broker did inform the new lender that if there would be an issue with having had to get a SE report then to not go ahead and purchase it.
      Just as we were about to be issued with the mortgage offer the lender phoned the broker and said the survey had come back on residential paper and not buy to let so they had to conrtact the surveyor to get them to refax it on the proper paperwork.
      I am just hoping that they are not going to come up with a reason as to use the property as security. I am wary due to being burned once! Hopefully I am just looking on the dark side, and if there was a problem it would of been noted when the survey was first faxed to them a week ago even though it was on the wrong paper??


      • #4
        Re: declined mortgage

        You may be worrying for nothing and the broker ought to be putting your mind at rest too. Im not entirely sure what the 'paper' issue is as the survey report is going to be a general one isnt it. The valuation report itself would need to be in a different format but they are usually done in far less than a week. I suppose it depends which lender you are with though and there service standards (as in 24hr-72hr turnaround time on paperwork received)
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