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estate agent mortgage advisors
richards123
Posts: 40 Forumite
Re. estate agent mortgage advisers ie the big chains
am I at a particular disadvantage in using one of these as opposed to a small but experienced independant broker?
I'm after a buy to let mortgage 60 or 70% LTV. No problem satisfying any criteria but a bit tight on the personal income front.
Last time I got a mortgage for our own home, I got it through NatWest who managed to do what a broker couldnt and that was 18 mths ago.
Nat Wests buy to let lending criteria is quite harsh with interest only ie min personal income of £50Kpa
am I at a particular disadvantage in using one of these as opposed to a small but experienced independant broker?
I'm after a buy to let mortgage 60 or 70% LTV. No problem satisfying any criteria but a bit tight on the personal income front.
Last time I got a mortgage for our own home, I got it through NatWest who managed to do what a broker couldnt and that was 18 mths ago.
Nat Wests buy to let lending criteria is quite harsh with interest only ie min personal income of £50Kpa
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Comments
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What is your income?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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self employed net profit year end April 2011 £16,000.
Wife earns £3500pa plus £1400pa child allowance plus £3000pa CTC but I'm unsure whether any of this lot is allowable...0 -
First time landlord?
You will be out with most BTL lenders on income.
As for the question re estate agent advisers. If you played poker you would not let anybody involved know your cards. If the selling agent knows your circumstances then you have revealed a fair bit.
Engage a broker to see how to proceed.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
One well-known national estate agency chain's mortgage service works like this;-
- has a small panel of lenders and isn't whole market
- charges clients a fee and receives commission from lenders
- uses lenders who supply survey work to their survey arm
- pushes its expensive in-house conveyancing service
- has a single tie for life and health insurance products
- has a single tie for "general" insurances.
I can't imagine what attraction there could be for a potential customer...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Nat West has offered 8 x self employed net profit. So in my case, I can get £124K
Again, it seems, Nat West can come up with something that the brokers can't???0 -
Have you had an offer or an illustration?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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its not an offer nor an agreement in principle so assume its an illustration?
edit
I've aleady had agreement in principle with mortgageworks but dont want it as the fees/ rates are so high...0 -
So you haven't been offered anything thus far from Natwest.
If first time landlord I wouldn't place any reliance on The Mortgage Works.
Hope Natwest stand by what they have said for you. Keep us posted.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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richards123 wrote: »interested why you say that as they offer products for first time landlords and also for "experienced" landlords ie those what have let for 6 mths.The former have higher rates....
They reserve the right to seek income verification. For a first time landlord this is likely to be invoked. With an income which could be considered to be unable to support voids there may well be issues.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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