Help / Advise needed regarding mortgages.
Buy to let mortgage for this property, is all in place but when we have contacted mortgage providers for our new property they are taking the mortgage value of this house into consideration, therefore massively reducing how much they are prepared to lend us.
Our mortgage and FA has never mention that this would be a problem, thus its come as a bit of a shock.
Apparently even though we have a tenant all lined up and ready to sign a 2 yr contact for rental, and rental value is 1.4x the BTL mortgage value, makes no difference as because it hasn't been rented for 6 months the out goings go against us.
Is this normal procedure or something just this one bank are saying ??
Is there anyway of getting round it ??
Any other advise or guidance would be hugely appreciated.
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