Hi everyone,
I'm just wondering if anyone else has come across the same issue, I'll explain.
Myself and a friend own 4 properties together so opened a joint 'business account' which is the name of 'xxxx investments'.
Recently when looking to re-mortgage one of the properties to release some equity for the next project, the mortgage was eventually turned by Skipton building society on the basis that they would have to class the mortgage as commercial because the rent/mortgage payment was flowing through a business account, and that Skipton did not deal with commercial mortgages.
I suppose my questions are:
A) Has anyone else experienced this?
B) Should I dispose of the business account and just open a joint bank account?
We recently did a re-mortgage through BM solutions on one of the other properties and that went through fine!
Regards,
Beatley
I'm just wondering if anyone else has come across the same issue, I'll explain.
Myself and a friend own 4 properties together so opened a joint 'business account' which is the name of 'xxxx investments'.
Recently when looking to re-mortgage one of the properties to release some equity for the next project, the mortgage was eventually turned by Skipton building society on the basis that they would have to class the mortgage as commercial because the rent/mortgage payment was flowing through a business account, and that Skipton did not deal with commercial mortgages.
I suppose my questions are:
A) Has anyone else experienced this?
B) Should I dispose of the business account and just open a joint bank account?
We recently did a re-mortgage through BM solutions on one of the other properties and that went through fine!
Regards,
Beatley