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loanarrangerVerified Poster
Senior Member
Last Activity: 23-11-2017, 08:10 AM
Joined: 14-02-2014
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  • My advice would be to cancel the purchase unless you can buy the upstairs unit for cash given my previous comments, but you really need to speak with your solicitor.

    I am sorry that I cannot comment much more as I tend to focus on the mortgageability of property and any issues which might...
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  • loanarranger
    replied to which mortgage?
    Thanks for your very kind words.
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  • In theory the answer is yes and initiallywould depend if your mortgage has restrictions during its initial incentive period.

    It is not a common approach with many borrowers choosing to save surplus monies and ultimately making a capital payment off of the outstanding balance.
    ...
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  • loanarranger
    replied to which mortgage?
    Hi Eigentum
    Yes I am proud to confirm my activities as my tag name suggests. I had been a lender for 44 years , a general manager for one of the top building societies and including 11 years for possibly the best lender for portfolio BtL lending and finally as a broker since I officially retired...
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  • loanarranger
    replied to Mortgage appeal
    Production of these Bank Statements is a demonstration on your part that you are doing everything with your hands above the table rather than underhand.The lender might not want such additional documentation but it will help in establishing your probity.
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  • loanarranger
    replied to Mortgage appeal
    Hi Dominco
    The wording for the Gifted Deposit should be based as follows :

    I Mrs .....Dominco , mother of Mr Dominco confirm that the sum of ( £20000 ) is made by me in order that he can persue property investment, these monies are made on an unconditional basis and without seeking...
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  • loanarranger
    replied to which mortgage?
    Rental Income is validated by the lenders appointed valuer and no notice is taken of the amount paid under the AST: often the amount being paid is lower than that which would be achieved as a conventional Non Regulated BtL.

    You are indeed correct that the Leeds and Virgin Money offer such...
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  • I am only going to talk about the attitude of lenders in terms of exposure within a building where you are currently living given that I too had difficulties in raising finance for someone , living in a block of four luxury flats and seeking to purchase the top floor unit, each unit having a long lease...
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  • loanarranger
    replied to which mortgage?
    Any broker worth his or her salt will know which lenders to approach for slightly different mortgage applications, however as a freebie try the Leek United Building Society , currently under pressure so service levels are incredibly slow but their proposition is attractive in this niche sector but subject...
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  • Hi Emma
    can I ask a few details on the proposition; is it a purchase or remortgage?
    What is the PP or Valuation
    What is the rental
    Do you have proveable income above or below £25000
    Are you a homeowner
    If it is a purchase , is it your first time acquisition.
    ...
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  • Did you apply yourself or via a broker.
    i have never experienced any difficulties in capital raising on BtL Applications, everything is down to the manner in which the proposition is submitted to the lender. It must be transparent , credible and plausible.
    You have made mention that you...
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  • I personally cannot see the C of the E making any concessions on SDLT for 2nd plus properties , given the parlous state of the economy why stop or reduce the flow of higher than predicted amounts of money from this additional stamp duty.

    i may be wrong but on this occasion I doubt it.
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  • loanarranger
    replied to Shared Ownership: 99:1 ownership
    Thanks JP for your endorsement of the implications on SDLT relating to the mortgage, I thought I had made that clear following clear advice from a solicitor to whom I recommended this particular client to.
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  • loanarranger
    replied to Mortgage News
    I agree with your predictions , the only exceptions to this increase will be those who are unfortunately reliant 100% on Housing Benefits and could result in even greater increases on the demands for greater social housing since the financials might not work with Landlords.
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  • loanarranger
    replied to Mortgage News
    Good morning Boletus , wonderful turn of phrase. On this occasion no it isn't , if you go onto Mail on Line today , click on Money section and it is an article as indicated.Normally I too take a cynical view on such articles including the dire predictions on the Great Freeze of this coming winter ,...
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  • loanarranger
    replied to Mortgage News
    There is an interesting article in the Daily Mail ( Money Section) today reporting on a paper published by Savills, it makes very dire predictions but if it is only 50% correct it does throw up a degree of concern for the amateur Landlord.
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  • Hi The Knightrider(Like the tag name)

    A broker that charges the full fee upfront should indeed be ignored as there is absolutely no justification in such actions . Any good broker should do their due diligence and minimalise the risk of the application being rejected on submission. Time...
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  • Yes leaseholder you are correct , it comes by way of the IDD document which the broker MUST provide at the outset, the general practice is for the charging of a nominal amount payable at the point of making the application and the balance when the mortgage offer. Work undertaken before the process formally...
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  • Hi The Knightrider ,If you find a solicitor that doesnt charge a fee or indeed an accountant perhaps you could share their names with Forum Readers, I am sure the firms would appreciate an uplift in new clients making contact.
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  • jpkeates makes a valuable comment and supports my previous posting.
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