estate agent mortgage advisors

richards123

GMS wrote: »

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.

ok fair enough but without wishing to be pedantic if they are offering a product with no minimum income criteria how can they turn that round to saying they want proof of income?

Re. Nat West, I cannot see why they would turn me down on the 8X as I have good credit (passed TMW agreement in principle) have banked with them for 22 yrs with no blemish and have 22 years self employed accounts and have no outstanding borrowings apart from residential mortgage ( £173K equity) . Even if they take average of 3 yrs accounts rather than one, the figures are broadly the same. Also Nat West although they have a fee of £1999, they dont have a brokers fee typically £400 so that lenders fees effectively becomes £1599.

We'll be going ahead with something in the end so yes will keep you posted!

GMS

Natwest may well offer a mortgage. You have an existing relationship with them. Internal scores could come into play.

TMW may look to verify income. Advertised criteria is always an indication. All lenders can and will go back for more info as required.

Dave_Ham

This is false economy, save £400 broker fees to cost yourself £1500-£2000 more over the term of a 2 year fixed mortgage...

Nat West do not really have a huge appetite to lend at the moment and certainly not buy to let...

Good luck

feduptwo

Hi,

Is it common knowledge Not to use a estate agent broker? It seems from reading on here people advise to use an independent broker... would you stand more chance with them? I am having an issue with an estate agent broker and I am feeling by the day we should have gone to a independent broker

Good luck hope you sort it out!!!

kingstreet

If, like a few national EA chains, their lending panel is only the seven to ten lenders who give their survey arm regular work, you have no idea you're getting anywhere near the best deal, or in your case, any deal at all.

Linking that with the fact they get commission and a fee from you, I really can't understand why anyone would use such a service!

feduptwo

Kingstreet - So if you pay an estate agent broker £495 you have no chance of getting the money back if they dont get you a mortgage after hasseling you time after time when you brought the house that they can get you a mortgage...?

I feel using a estate agent broker is our downfall and reading alot of posts here I would advise you listen to some of the guys on here richards123 they are very up on what they know. I have learnt a lot, probably too late in my case

BTW going to a mortgage broker and askign if they can represent you would they charge you for the meeitng you ahve with them to decide if they can take your case or not?

GMS

Most brokers would not charge for an initial meeting/discussion. It give the opportunity for both parties to see if they can work together.

richards123

Dave_Ham wrote: »

This is false economy, save £400 broker fees to cost yourself £1500-£2000 more over the term of a 2 year fixed mortgage...

thing is, going back to Mortgageworks, their arrangement fee is 3.5% so on a loan of £80K, thats £2800 plus broker fee of £400 = £3200 whilst Nat West is the total of £1500.

Granted, the fees reduce etc with other lenders if you fit all their lending criteria.....

Regarding Nat West lending rules gernerally, I still reckon they give better deals to account customers than they advertise. Ringing their national mortgage line, they told me on interest only buy to let, they only lend if your income in £50K whereas at Branch level they tell you that that applies to residential mortgages only. And, I'd never heard about 8X income before Friday.

Are the brokers on here aware of Nat Wests 8X income criteria for how much you can borrow on interest only buy to let?

GMS

Rental income will dictate the loan amount on a buy to let.

Branch staff may well know hidden ways around it but would be asking plenty of questions before getting hopes up.