The Bank considers risk of a financial collapse from cladding scandal

[loanarranger]

Thanks Gordon999, your supportive comments are appreciated.
I listened to a lady who in addition to living in one of the adjoining blocks is Head of the Residents Association, during the interview with Adrian Child’s on 5 Live, she disclosed that the leaseholders pay £46000 per month for the...

[loanarranger]

The high rise block of flats in East London which caught fire today is another major reason why the government needs to take remedial action to ensure that irrespective of where such properties are located, such properties need to be made safe where the wrong type of insulation was used and the developers...

[loanarranger]

Let’s take your questions in reverse order

Yes it is mandatory that if the flats are to be mortgaged separately that each has its own lease whereas raising a single mortgage on the building then that is not necessary as the charge is placed over the entire Freehold Building.
There...

[loanarranger]

Come on Moderator this is a blatant breach of the Forums Rules advertising such organisations no matter who they are.
The poster is in need of independent adviceand not be lured directly into such borrowing options.

[loanarranger]

Thank you for clarifying what would have been an important element of this matter.

[loanarranger]

I have researched the question of a Vendors deposit, I can confirm that certain lenders will allow a gifted deposit from the vendor provided it doesn’t exceed 5% and is matched by an identical amount from the purchaser , however if the deposit is greater than 5% from the vendor the amount will be...

[loanarranger]

And what does the lender say about the arrangement or haven’t they been asked??

[loanarranger]

Just because the scheme is advertised doesn't make it correct , clearly if the property is indeed unencumbered one can do whatever one wants to but where a mortgage is in place then Yes this is a standard condition. , Think the logic , the loan is between the lender and the owner of the property , it...

[loanarranger]

Your assertion is completely incorrect in so far as gaming the maximum remuneration. The FCA require the broker to source ideally the lowest mortgage rate for the application, if they don’t they have to justify why the next best is more suited to the case; Your assertions may have been correct 30...

[loanarranger]

From the Which article , I would be even more concerned that if located in one of the new builds , there is the issue of Fire Safety!

[loanarranger]

Barclays withdrew from any further funding for this type of lending several years ago not least because of the adverse publicity it attracted and the court cases which ensued.
Today the following is available but definitely not where the property is a Buy to Let

"'Barclays no...

[loanarranger]

Lenders do have concerns over residential property which is in immediate proximity of commercial premises , particularly Fast Food Outlets , Pubs, Funeral Parlours. You make mention of flats at the rear of the property, are these Local Authority Flats or Private Build flats, if the former expressions...

[loanarranger]

The last Rent to Rent scheme a client had turned out to be an agreement with one company which in turn entered into a let with a subsidiary Company which accommodated young persons with learning difficulties and had a full time House Manager , fees being paid by the local authority.
The obvious...

[loanarranger]

All such calls are normally recorded " to aid training !!" Ask Barclays for a copy of the transcript otherwise it is your word against their advisor .
Given that this highly contentious loan facility which gives the lender a significant share of any capital appreciation, has been much...

[loanarranger]

Just leave them along , they are not acceptable by lenders and like anything which looks to good to be true , take it as being true and leave it alone.

[loanarranger]

The Let is between you and the referenced tenant on an agreed monthly rental: what is not permissible is for the tenant to take in a tenant or indeed as has been the case for the tenant to create a separate and unlawful tenancy agreement as this compromises the rights of the lender in obtaining possession...

[loanarranger]

The stance taken today in Parliament is nothing short of a disgrace for all affected owners of suspect flats. Let your MP know of your feelings.

[loanarranger]

The following lenders either have no minimum or state a minimum , in all cases where the property is indeed below the norm of 30 sq mars , much depends on the valuers comments regarding sales potential etc:
AL-Rayan Bank
Bank of Ireland (Inc Post Office which is funded by BoI) 25 sq mtrs...

[loanarranger]

An excellent but worrying article appeared in yesterdays Sunday Times, written by Martina Lees , Senior Property Writer, which has potential ramifications across the entire property sector if not addressed . I have been aware of the attitude of lenders towards such developments and indeed none have...

[loanarranger]

This is why lenders offering loans up to 95% are excluding New Build properties from the scheme for the exact reasons you have described.
A new property is considered by valuers to lose approximately 5% of its value the moment someone moves into it , in the same way as we accept that buying a...