Buy to Let Mortgage? First I knew about it!

Dave_the_Ginger_Cat

They may have transferred it to a BTL at the time of your enquiry earlier this year, and not charged you the fee.

My experience is some lenders are terrible at charging fees for this, and tend to leave them alone so long as they are paid.

If the rates are the same, and the transfer to BTL was recent, I would leave alone - sounds as if you may be no worse off

Stevebb

Blimey,
Its more of an unsettling experience that I would have imagined, having people brandish large letters all over a post you started, a bit like the online equivalent of someone painting something rude in large letters on your car perhaps.
Thanks to Holly hobby for her exhaustive answer, much appreciated, I will be enquiring to lender and IFA, to find out why and when it got coverted. Not interested in refunds though,the rate wasn't bad. And to Dave, CapJ and kingstreet.
kingstreet, yes, looking back at some email correspondence with the IFA, I was looking at self certified mortgages because I had a recently set up limited company and did not have 3 years accounts. No answer yet to my email to them. Dave, it could well be simply that it got converted when i enquired, but why would they do that. Will update...

kingstreet

Stevebb wrote: »

kingstreet, yes, looking back at some email correspondence with the IFA, I was looking at self certified mortgages because I had a recently set up limited company and did not have 3 years accounts

I think this will be the answer. Some brokers have been known to circumvent the income rules for residential lending by suggesting a property will be let. By doing this, the rental income is used in lieu of proof of income and the mortgage is obtained by somewhat dubious means.

The earlier posts assumed this would be the case, hence the rather large red letters used. Most of us prefer to find out what happened before we reach any conclusions. Others aren't so restrained unfortunately.

How you deal with this going forward is another matter. By a circuitous route you appear to have got what you wanted. I'd consider where to go from here very carefully.

handytips

Kingstreet, abbey for intermediaries havent sold btl's for quite a while now and when they did it was at v low ltv ratio's i dont think they have offered btl products via intermediaries for about 4 years or so. If it was a direct product then the IFA in question will not have been responsible for any of the compliance or recommendations. i suspect that the product suited this client at the time. If it were me i would have placed the case with Kensington in the first instance.

kingstreet

handytips wrote: »

Kingstreet, abbey for intermediaries havent sold btl's for quite a while now and when they did it was at v low ltv ratio's i dont think they have offered btl products via intermediaries for about 4 years or so. If it was a direct product then the IFA in question will not have been responsible for any of the compliance or recommendations. i suspect that the product suited this client at the time. If it were me i would have placed the case with Kensington in the first instance.

Yeah, I couldn't remember when they stopped. At the time I asked I was wondering if there had been a mistake in the keying of the product number. Now I suspect BTL was used to circumvent the income rules as we are seeing quite widely nowadays.

The devil of it is the OP has now got what he wants and might not want to rock the boat!

FraudBuster

Lie-to-Buy Mortgage Brokers & the FSA.

https://forums.moneysavingexpert.com/discussion/965771

handytips

Fraudster

Believe it or not there are clients that LIE to advisors on a daily basis, such as income, credit rating, how long they have been in their job, the list goes on. Sometimes it is very difficult to get it, however the truth is out there, i have walked away from many cases, especially when a client starts telling me how to go about getting the deal for them....Ding Ding Ding alarm bells all round. The vast majority of brokers are good honest people trying to make a living by helping people realise their dreams, however with me. If you cannot proove your income then you dont get the mortgage. Simple as that.