Residential Property Investment Mortgage - Bank Refused

Hi,

Just looking for some advice, got approved for a residential investment loan from TSB some months back but have only found a property now that we would like to make an offer on but the bank are saying the original approval has expired and they are not offering loans at present for residential investment property, anyone find themselves in a simular situation recently and did you find an alternative lender?

Thanks
Brian

This is happening wholesale at the moment, especially since PTSB & Bank of Scotland have pulled out of the residential investment market completely.

The only lenders left with any appetite for this business are:

ICS Max LTV 80%
First Active Max LTV 80% (less than that outside main urban centres)
Haven/EBS Max LTV 70%
AIB Max LTV 85% for 1st property, 75% for each properth after that
IIB Max LTV 70%
Bank of Ireland 75% LTV

Try some of the above.

Thanks for your reply Yellow Belly, will do a bit of shopping around, would you recommend one lender above the other?

Check the rates on offer!

Just to outline our plans, the property we are interested in buying will become our new family home(renovation project) and our excisting home will be rented out (become the investment property) in the process of shopping around now as we are very interested in the property. This is a long term move and not a quick buck scheme.