Mortages and Ltd company
Discussion
I've been trading for 7 years and last year I went over to trading as a ltd company.
My mortgage renewal has just come up. I want to reduce my term, but I have been informed because the Ltd company is only 1 year old, they can't change the length of the term. They are saying I would have to reapply and I would be turned down with out 3 years worth of accounts.
They where fairly unhelpful about this. I could understand if this was a new company (I know technically it is?) but really its just carried on from before. I also do all my banking with them, so they have a pretty good idea what's going on.
This is particularly annoying because we have been making regular over payments in the hope we can reduce the term, which seems a bit of a waste now.
Anyone else faced similar issues?
My mortgage renewal has just come up. I want to reduce my term, but I have been informed because the Ltd company is only 1 year old, they can't change the length of the term. They are saying I would have to reapply and I would be turned down with out 3 years worth of accounts.
They where fairly unhelpful about this. I could understand if this was a new company (I know technically it is?) but really its just carried on from before. I also do all my banking with them, so they have a pretty good idea what's going on.
This is particularly annoying because we have been making regular over payments in the hope we can reduce the term, which seems a bit of a waste now.
Anyone else faced similar issues?
xstian said:
I've been trading for 7 years and last year I went over to trading as a ltd company.
My mortgage renewal has just come up. I want to reduce my term, but I have been informed because the Ltd company is only 1 year old, they can't change the length of the term. They are saying I would have to reapply and I would be turned down with out 3 years worth of accounts.
They where fairly unhelpful about this. I could understand if this was a new company (I know technically it is?) but really its just carried on from before. I also do all my banking with them, so they have a pretty good idea what's going on.
This is particularly annoying because we have been making regular over payments in the hope we can reduce the term, which seems a bit of a waste now.
Anyone else faced similar issues?
When altering any of the terms of your current mortgage (extra borrowing, reduce or extending term etc) you are effectively applying for a whole new mortgage so it has to be assessed under current criteria, so if they want 3 years Ltd company history, thats what you have to comply with.My mortgage renewal has just come up. I want to reduce my term, but I have been informed because the Ltd company is only 1 year old, they can't change the length of the term. They are saying I would have to reapply and I would be turned down with out 3 years worth of accounts.
They where fairly unhelpful about this. I could understand if this was a new company (I know technically it is?) but really its just carried on from before. I also do all my banking with them, so they have a pretty good idea what's going on.
This is particularly annoying because we have been making regular over payments in the hope we can reduce the term, which seems a bit of a waste now.
Anyone else faced similar issues?
Why don't you just take a new product and continue over paying?
Or you'll have to move lenders entirely.
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