First things first, let’s not panic.
There’s usually more than one way of doing things – bottom line is, if it turns out that no bank will lend to us (very unlikely by the way) then we’ll use private (JV) finance.
I know that might mean going out of our comfort zone, but it’s probably easier and more straight forward that you might think (if you’ve never done it before).
If a bank won’t lend, there’s usually one of two reasons:
First, the bank doesn’t like you; perhaps your credit score has gone a little bit ‘south’, or perhaps you don’t make more basic requirements in terms of income or owning your own property.
Perhaps you’re just ‘too good’ at property and have fallen foul of the new guidelines around ‘portfolio landlords’?
Second, the bank might like you, but not like the property. Or they might like the property in principle, but the valuer down values it and that scuppers the deal.
In the even of either of these things happening there are things we can do (like make an application to another bank, for example, or get a DIP [decision in principle] from a lender before we even start looking for a property).
Anyway, I give my thoughts in the video, so please grab a cuppa and have a look.
The one thing which will always help, and apologies for saying this again but it always amazes me when I find investors still trying to do it all on their own, is to have a really good mortgage broker in your team.
I’m very happy to recommend my really good mortgage broker. If you’d like an introduction please email me
and I’ll put you in touch.
Here’s to successful property investing.
Peter Jones B.Sc FRICS
Chartered Surveyor, author and property investor
PS. By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Investor’s Strategy Workshop, which is an account of how I put together my multi-property portfolio, starting from scratch and with no money of my own, and how you can do the same.
For more details please go to: