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buy to let mortgages and consolidation loans

jamaicainn
jamaicainn Posts: 4 Newbie
Ninth Anniversary First Post Combo Breaker
in Mortgages & endowments
Hi . I have a rental property which has an endowment which will not pay off the mortgage in full. I need another mortgage to clear the shortfall of approx £25,000. I have decided to take this opportunity to pay off my credit cards as well and need to repay all within about 11 years when I will retire. My mortgage advisor has only come up with one option from KPI Aldermore and says these sort of mortgages are hard to get. Is this true? has anybody any experience of Aldermore and are they a trustworthy company? thanks

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Aldermore are an established bank. So no issues on that score.

    Your issue may be the debt consolidation required. Hence the lack of main stream lenders that can offer you anything.
  • catieeb06
    catieeb06 Posts: 576 Forumite
    Deal with Aldermore on a regular basis.

    Has your MA told you why Aldermore is their only choice? Do you have adverse credit?
    I am a Mortgage Adviser
    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.
  • jamaicainn
    jamaicainn Posts: 4 Newbie
    Ninth Anniversary First Post Combo Breaker
    Hi
    no adverse credit but my main income without the rental income is only just over £20,000 and no accounts for the rental roperty yet so think this may be an issue. Probably happy with Aldermore quote I had just never heard of them . thank you
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Aldermore are great to deal with and are 100% reputable.
    I am a Mortgage Adviser
    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.
  • catieeb06
    catieeb06 Posts: 576 Forumite
    As above- Aldermore are great to deal with.

    Maybe they come out cheaper- not kept an eye on rates as off this week. What LTV?
    I am a Mortgage Adviser
    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.
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