We have heard today that our remortgage application has been rejected because we have a pre emption agreement on our house that states that should we ever wish to sell our house in the next 8 years we have to offer it at full market value to the person we bought the land off. He then has 28 days to reply whether he wishes to buy it or not. Barclays do NOT like this arrangement as it will slow down the sale of our property should they have to foreclose on the loan.
Our loan to value amount is 50% and we have made provision that foreclosure will never have to happen!
Why are we being treated like this by Barclays? Do any of you know any other mortgage providers who have a better attitude to this kind of situation?
We are currently with Nationwide but want to raise some extra funding using interest only which Nationwide won't do any more. Incidentally, the pre emption has never been a problem for Nationwide so why are Barclays being so petty for the sake of a month?
Sorry to rattle on but would be interested to hear if any of you have any advice?
Many thanks in advance!
Our loan to value amount is 50% and we have made provision that foreclosure will never have to happen!
Why are we being treated like this by Barclays? Do any of you know any other mortgage providers who have a better attitude to this kind of situation?
We are currently with Nationwide but want to raise some extra funding using interest only which Nationwide won't do any more. Incidentally, the pre emption has never been a problem for Nationwide so why are Barclays being so petty for the sake of a month?
Sorry to rattle on but would be interested to hear if any of you have any advice?
Many thanks in advance!