Mortgage Providers won't give permission. Any advice?
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  1. #1
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    Default Mortgage Providers won't give permission. Any advice?

    Hi!
    I am in the process of setting up as a childminder but have come a cropper already in that my mortgage provider is saying they will not give permission for my home to be used for childminding. The explanation is I would need to go onto a business or commercial mortgage which they don't provide so have no option other than to buy out of my existing mortgage and find a new lender. I have phoned around but the same answer keeps cropping up! Does anyone have any advice please or can point me in the direction of a Mortgage provider who will accept Childminding?

    Thanks in advance!

  2. #2
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    My ( well, mine & my husbands! ) mortgage is with Santander if that's any help. I had been childminding for 7 years when we bought our current house and transferred the mortgage. We also used a financial advisor which may have helped.

  3. #3
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    I am with The Nottingham and they are fine with it as its not a commercial business it's classed as working from home.
    When we went to remortgage we used an independent financial adviser and he didn't think there would be any problem getting a mortgage...maybe try talking to someone else at the mortgage company?? We had more trouble getting the mortgage as I didn't have 3 years of accounts, nothing to do with what my business was

  4. #4
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    We are with The Nationwide. They knew I was a Childminder when we applied (although the loan is only based on DH's income) and we got a mortgage, no quibbles.

  5. #5
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    I'm with Santander and no problems at all. Ring them back and speak with someone else as this isn't right. Get them to check with higher management as we are not running a commercial business.

    Childminding is a national job, thousands of people childmind so there should be no problem with getting a mortgage.
    Time Out.. The perfect time for thinking about what you're going to destroy next.

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    Someone has made a mistake - we are not classed as a business in that sense , we simply work from home.. My mortgage is hsbc , again its never been an issue.

  7. #7
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    I have applied for a new mortgage and changed mortgage product whilst minding both times through Lloyds (Cheltenham & Gloucester). My home is not a business premises I work from home. It is still a domestic dwelling. x

  8. #8
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    Thanks everyone! I am going to persevere with the Mortgage company. They are insisting I need to buy out of my existing Mortgage and take out a commercial or business mortgage instead! Seems a bit far fetched to me!!!

  9. Likes JCrakers, loocyloo, Bluebell liked this post
  10. #9
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    I had a Mortgage with Abbey (now Santandar) no problem, changed to Northern Rock and now with Virgin.

 

 

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