BTL Mortgage - Help

sivs

Hi All, Currently in the process of applying for a BTL mortgage, AIPreceived and valuation all booked in for next week well until the survey calledme to cancel?

Tried to speak to by broker about this but they are away and I can't speakto principality as don’t have any reference numbers.

Does this mean they have cancelled the application or could it be that theyhave done some research and found the properties are worth a lot more than whatI am asking to borrow?

ACG

It wouldnt be the latter.

Can you not speak to anyone at your brokers firm? PA/Assistant/another broker? Can you text your broker to see if he can get the reference number to you?

Senior_Paper_Monitor

If he has used the Principality KFI (illustration) and my memory serves me correctly the reference number is on there.

sivs

Ok, thanks for your help.. I am awaiting a call back so we will see..

Not happy, as the broker said everything was fine.. TBH she not really give me much info, just that its fine lol..

ACG

To be fair on the broker, once a val is booked in there is very little they can do. But if they are a 1 man band i would expect to be able to contact my broker should something like this happen, if theyre not then there should be someone available to discuss your case.

sivs

Thanks for all your help, turns out that I got a AIP but they have now decided that I am not suitable for the product. Oh well at least they are returning the £99 fee.

ACG

Did they say why?

I quite like principality, usually there can be ways to work with them to get a mortgage through.

kingstreet

We had an issue with a valuation on a Principality case the other day. The surveyor said they could not get hold of the builder (!!) to arrange the appointment.

It was quickly sorted but a PITA to have to get involved.

It may be nothing to do with Principality and everything to do with whoever the valuation has been panelled to.

sivs

Principlality said that I didn't meet their credit score, my brokers offices said they are very strick. Not sure if this true or not? They also said they are unable to appeal, otherwise we would.

My credit score is excellent, well that what Nationwide thought as I am remortgaging with them and it went straight through they didn't even need to see an documentation.

Not sure how the broker has got the fee to be returned as apparently is a nonrefundable one, guess they will no apply with the next one on the list.

kingstreet

So, Principality instructed valuer on a case which it later declined?

Did the broker get the case agreed in principle before submitting the full application?

ACG

They say its non refundable but it depends on the reason and how far down the line they are. If they say non refundable and refund it then its a bonus.

Principality are fine, they can be strict but you can also discuss the case with them so it might be worth appealing - but it depends on the reason why its been declined. Seems unusual.