further mortgage advances

Betty_Barter

I have just completed refurbishing a buy to let property that I purchased a couple of months ago. The mortgage company that I used will not give a further advance on the property, until they have received 4 more mortgage payments. Having already made an offer on property no 2, I need the further advance now as a deposit.

The broker that I have used suggested re mortgaging with another company - that's fine except for the process and the time it will take, not forgetting the extra cost involved.

The broker who set me up with this deal in the first place, claims that she told me about the early redemption fees of 4% - which she did, what she didn't tell me, was that I would not be able to get a further advance on the mortage for 6 months.

Now I'm faced with re mortgaging and having to pay the current mortgage company 4%, plus all of the costs involved with setting up a new mortgage lender.

I have offered the current lender a further 4 mortgage payments upfront, in order to satisfy their criteria for 6 monthly payments. They have declined my offer. I am currently trying to speak to someone higher up, hoping that it will make a difference.

Any ideas would be appreciated.

Plus, be very careful all you new or would be investors out there, to ensure that when and if you use the services of a broker, that they have every angle covered to make the process as easy and cost effective as possible.

Many Thanks,

Betty.