Nationwide ban customers from refinancing to raise funds for a buy-to-let
Nationwide Building Society has changed their lending policy and they will no longer accept remortgage applications from customers if they intent to use the funds to purchase a buy-to-let property.
A spokeswoman for Nationwide told Mortgage Strategy magazine: 'As part of Nationwide's move to a single mortgage processing system, the society is streamlining a small number of specific lending scenarios and reducing manual processes.
As a result, additional lending to existing Nationwide residential mortgage customers to purchase a second property, where the new property is to be let out, is no longer available.
If you are a Nationwide customer and you would like help to generate funds to buy an investment property, call Trinity Financial on 020 7016 0790.
February 7, 2014
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