Mortgage Brokers

gilly33

So I've just had my mortgage turned down and not sure if I want to keep using the estate agents broker to find me a mortgage for the house I have on offer. The seller's house fell through so she's been out looking for the past month whilst I'm hanging around waiting. If I was to stick with him, does that mean I'm committed to purchase at that particular agency? My concerns are if it carries on too long then I may have to look for another property and I don't want to be restricted. I'm a bit worried about going through the electronic application process so I've been looking at Aldermore buy to let products, because I have a CCJ going back 2 years now although it's satisfied it does restrict my options.

ACG

Is it a BTL property?
If not then why go for a BTL mortgage, if anything they tend to be stricter on criteria and more expensive.

Im presuming you have at least a 15% as your looking at btl mortgages deposit which means there will definitely be options available to you on a residential mortgage.

You can stick with the broker or switch, there is not usually a requirement that you then ahve to stick to that estate agents.

ACG

I forgot to ask, why was it declined?
Was it credit score or affordability or something else? You need to get the answer to this before going any further.

Dave_Ham

Just be mindful that Estate Agents and their in house advisors do talk.

They will know you have been declined and therefore you will need to progress your next mortgage quickly.

Additionally, as stated you need to firstly understand the type of purchase and reason for fail.

A CCJ so recently will rule out many lenders, specifically on a buy to let basis.

gilly33

It was a residential because I was planning to use it during the summer but not live in it permanently and they saw that I had gone overdrawn although I've just sold a property and made quiet a substantial profit but its in another account. I have 25% deposit and this time I will have to go for a buy to let but my concern is tying myself with the estate agent. She could be looking for months for a house and I could be missing out on other nice properties

gilly33

My credit rating was 916 before the lender made their stamp 3 times they searched and its dropped to 845

GMS

Aldermore do not allow CCJ's for BTL.

Are you intending to let from day one or reside in it?

gilly33

No I'm not going to use it at all because I just wanted to use it for the summer but I dont think I'll complete in time. So it will be rented thats why I need a buy to let

GMS

How much was the CCJ for? Who put it in place and what date? When was it satisfied?

What is your income?

What rent will the property generate per month?

How much are you buying it for and what deposit?

Do you own any other property?

Yorkie1

OP has a parallel thread running which might contain some additional useful information

https://forums.moneysavingexpert.com/discussion/4602737