Remortgage dilemma

[silverfox1060]

Hi just wondering if anyone can help recently i have been in the process of a remortgage on my cashed property to release funds for a business venture, the mortgage provider have done the survey and had approved of the remortgage and was due to complete today but today they have turned around and said i did not mention to them i had two other properties and they would need to investigate those. I have no issues with them investigating the properties because all the mortgage payments have been payed on time and i have never had any difficultis with payments. The only other issue i have is that these properties are used by family members who pay towards the mortgage but the mortgage i have is not a buy to let. Just wondering if anyone has come across a situation like this before and what would you advise?

[JustinP1]

Are the other mortgages with them?

If so, you have a problem, if not, you don't.

[scotal]

Depends on your new lender. You might be fine,
You might have to have income to cover all of the mortgages yourself. Have you?

[scotal]

JustinP1 said:

Are the other mortgages with them?

If so, you have a problem, if not, you don't.

Sorry Justin, not true.

[JustinP1]

scotal said:

JustinP1 said:

Are the other mortgages with them?

If so, you have a problem, if not, you don't.

Sorry Justin, not true.

When I said 'don't', I didn't mean there would be no problem.

I was just thinking about a couple who's house was actively repossessed and their mortgage turned down and their original mortgage 'given notice' because they went to remortgage and neglected to tell the mortgage co about the fact they were breaking the rules of their original mortgage.

You don't want to fall into that trap.

[silverfox1060]

Thanks for the replys guys, my income can cover all three mortgages and plus all the mortgages are with different lenders.The only thing i am concerned about is if they refuse me on the basis i didnt notify them of the other properties.

[scotal]

silverfox1060 said:

Thanks for the replys guys, my income can cover all three mortgages and plus all the mortgages are with different lenders.The only thing i am concerned about is if they refuse me on the basis i didnt notify them of the other properties.

Again depends on the lender, but most will take the view that as long as you can afford all three there is nowt to worry about. Its up to their affordability calculator as to whether you can afford all three. I suppose its possible they could turn you down.