Hi. Took out a mortgage on a BTL 9 years ago. (actually a "commercial" mortgage.) Was agreed at £100k (75% LTV)
I only drew down £35k at the time. Now looking to draw down the rest (the other £65k). Property value has probably almost doubled, rents increased 65% since then. Pefect repayment history on mortgage.
Problem: I now have a four-year old CC default. (£3k)
Spoke to lender (sounded like a call centre) about drawing down the balance. Seemed to be a formality. Just write in, money will be transferred to your bank account, etc.
Questions: Will they do a credit check? Will they likely change their tune about the further funds? Will they (god forbid) "call in" the existing mortgage? Should I risk it?
Thanks for any advice, and opinions on obtaining any other mortgages in my current situation.
I only drew down £35k at the time. Now looking to draw down the rest (the other £65k). Property value has probably almost doubled, rents increased 65% since then. Pefect repayment history on mortgage.
Problem: I now have a four-year old CC default. (£3k)
Spoke to lender (sounded like a call centre) about drawing down the balance. Seemed to be a formality. Just write in, money will be transferred to your bank account, etc.
Questions: Will they do a credit check? Will they likely change their tune about the further funds? Will they (god forbid) "call in" the existing mortgage? Should I risk it?
Thanks for any advice, and opinions on obtaining any other mortgages in my current situation.