Problems with mortgage broker.

[Mmjan]

Hi all, il try and keep this simple.

Please do not be judgemental I need advice to resolve the issues that I am having.

 

I approached a mortgage broker in an estate agents wanting a mortgage for a property i want to let out,

broker persuaded me to apply for a residential one saying a buy to let will be a hassle

Survey done, mortgage offer in, I'm putting down £50,000 for a house valued at £117,000.

 

I then saw a second house and approached the same broker who now has managed to secure a buy to let mortgage for me

and apparently it hasn't been that much of a hassle.

Again I am putting down £50,000 for this 2nd house and its value is £116,500.

 

The problem is with the first property,

I am usually quite adamant but I don't know what came over me.

I do not under any circumstances want to proceed with a residential mortgage knowing that my intention is to let it out.

 

 

I have had some heated conversations with the broker,

I asked him to approach the lender concerned and see if they could switch to a buy to let.

 

 

I rang the lender direct and they informed that any changes need to come through the broker, the lender does in fact do buy to let mortgages.

 

 

The broker keeps pressurising me and saying that the lender will not find out etc etc

and that he will approach them in 6 months time and ask for consent to let.

 

 

I don't want to ask them later on,

 

 

I want to ask them now as they may refuse consent to let.

 

The broker keeps saying that I will need to go through the whole application again and pay survey fees etc, which I don't mind paying.

However having so many searches on my credit file may have affected my credit rating. My rating is 3 out of 5 on noodle.

 

I am thinking of making an appointment with the lender concerned and going to speak to them direct about this.

 

Ay advice appreciated as to how I can resolve this mess.

[being-DUN]

Hi

Did you resolve the issues with you buy 2 let ?

Because I can advise

rregards

[Mmjan]

Hi

Did you resolve the issues with you buy 2 let ?

Because I can advise

rregards

 

Hi Dun, no I tried to make an appointment with Halifax to speak to one of their mortgage advisors but I can't get an appointment until after Christmas.

 

My mortgage broker, I can't get hold of him.

 

I will not proceed with a residential mortgage knowing I am to let it out.

 

I need to decide whether I can cope with the hassle of doing the application myself or my broker.

 

Then need to decide if I should stick with Halifax or approach another lender.

 

Upon checking other lenders have got some decent buy to let rates.

 

Your advice much appreciated.

[being-DUN]

Its quite simple forget the broker whom always looks for the best deal they can make money on and no need to pay to change mortgages just ask the lender I be letting the property and they will charge increase interest rate because you are now letting to cover mortgage payments. Halifax is quite approachable but only sell their own products because being tied

Another way just let the property and declare it on your tax return which is above board.Remember financial institution are there to make money and fight for business

Hope this helps

[Mmjan]

Its quite simple forget the broker whom always looks for the best deal they can make money on and no need to pay to change mortgages just ask the lender I be letting the property and they will charge increase interest rate because you are now letting to cover mortgage payments. Halifax is quite approachable but only sell their own products because being tied

Another way just let the property and declare it on your tax return which is above board.Remember financial institution are there to make money and fight for business

Hope this helps

 

Hi there thanks for your reply.

 

Just for clarification, for your second option do you mean I stay on a residential mortgage or sorry do you mean I should change to buy to let and then declare the income.