BTL loan with bad credit issue - please help

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    #16
    Unfortunately yields in London, especially central are not the best but there is capital appreciation.

    I contacted my bank a few weeks ago and explained the personal circumstances that led to me defaulting and asked them desperately to reconsider removing the strikes but they would not budge. Despicable...

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      #17
      Did this bank know that you have £350K sitting in another account ?

      You should make a complaint to the regulator ( FCA ) : https://www.fca.org.uk/ab "


      "We aim to make financial markets work well so that consumers get a fair deal"

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        #18
        I have revisited your posting and researched funding options given the change in lending criteria of many lenders.
        Given that the default occurred in 2018 I can confirm that given the remedial action taken by you will now enable you to obtain lending from several mainstream BtL lenders, for some the rates might not be prime but the rates are competitive in the overall scheme of things given that defaults or worse CCJ’s have a hang over period of anthing between 3 yrs and 6 years when of course such matters are expunged after 6 years.

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          #19
          A bad credit record just for being overdrawn by £100 and paying it back soon after? What a joke. Which bank is this so I and others can avoid them with a bargepole?

          OP - if you missed out on this property I wouldn't be so disappointed with such low yield. Capital appreciation, even for London, is not a certainty. At this stage there quite a bit of risk you would have taken for very little yield.

          Probably a good idea to have a overdraft facility, set up text alerts whenever over drawn and try using credit cards as much as possible for payments.

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