aesmith
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It would have been an interest only loan so the lender would want to know how the principal would be paid off. Bridging would only expect to be short term to fill a gap until "something" that would mean it's no longer needed. That wouldn't preclude paying off the bridging loan if you'd been able to find an alternative. When you say you made a Full and Final offer, i assume that was less than the sum outstanding. The lender wouldn't have been obliged to accept that. These issues with lenders and with ability to sell makes me wonder if the property was in fact well overvalued. Did you have a surveyor give an independent valuation? In terms of your claim against the agent. What would have happened back then if youd not been offered that bridging loan? If the broker had said "sorry I can't find anything for you". If the answer is yyou'd have had to sell right away, or the previous lender would have taken possession, then could the broker argue that the bridging at least gavecyou a breathing space to find other finance or to sell on your terms. I don't think you'll get anywhere claiming the broker should have offered anything different, without some evidence that it was available at the time.
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I'm not sure it's relevant what the property was classed as. Property rented to residential tenant is classed as rssidential property, same as if it was owner occupied. More relevant is the fact that the property had been rented, you intended to continue to do so, and you weren't going to live there. I presume that was the reason for specifically seeking BTL finance rather than a residential mortgage. I'm puzzled why you entered into a loan that didn't permit you to rent. Was that not included in the terms and conditions? And you say you were forced in some way to take it. You found it impossible to sell, was that literally impossible or rather you couldn't sell it at the price you wanted?
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If you're considering a claim against the broker there a couple of points to bear in mind. Firstly the background. I am more than ever sure this will be classed as business to business, rather than consumer lending. If that's the case you will be seen as an experienced landlord with a history of BTL borrowing. That's the background against which the broker will be judged. Secondly in terms of claim, the claimant in general has an obligation to mitigate their loss. That should be taken into account when trying to quantify any claim. Did signing up with that 12% bridging loan irrevocably set you on the path you described, or could you have paid it off after finding a better deal? I would expect anything called "bridging" to be short term in nature, quite likely no penalty for paying it off at any time. So you could make claim based on your loss as a result of having to pay that bridging finance for say the couple of months it would have taken to find a longer term BTL mortgage. I don't know what chance that would have. But i don't think there is any chance of a claim for two years of interest and the loss of the property. However we're still relying on second hand information and maybe I'm wrong about the broker. On what terms was he engaged, was it to find this specific finance, or was he your long term financial adviser with ongoing duties beyond that? I note in the loan terms and conditions you declare that you have obtained legal advice. Was that from the broker, or was there also a lawyer acting for you at the time. Really I think a lot turns on the question "is BTL finance considered business or consumer" and i hope others will give their view. I may be completely wrong.
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I read that as the first bank would not make the loan on various grounds. The bank rather than the broker was worried about affordability. The broker then found an alternative lender, maybe under those circumstances it's not surprising the rate was higher. Although 12% is high, my amateur opinion is it would be tough to claim they were culpable for offering it.
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Just take your business elsewhere. Round here Tesco are the most expensive supermarket.
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Freedom of Information Act isn't the correct method, that's for obtaining information that should be made available to any member of the public. You want information personal to you, which wouldn't be disclosed to anyone else. Or shouldn't. This would be a Data Subject Access Request under the DPA 2018. FOI only applies to public bodies in any case.
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