Seek help desperately!! Please help me!!

benz52

hi Conrad,

the broker told me that I had been accepted in principle after a basic credit check and that BM would only need to carry out a valuation before giving me an offer. Am i missing something here?

Cheers

Cazza

With respect Conrad, you've either never had tight turnaround times or you don't talk to the right people at the lenders; whilst I agree one week for an Offer is tight, it is perfectly possible if you pick the right lender. I have done this on a number of occaisions and am doing so at the moment.

benz52

Hi Cazza,

Thanks for the encouraging post. Would you have any idea about Birmingham Midshires? I just spoke to the broker and he seems confident that the lender will post the offer to me within a week's time.

Cheers

Cazza

It very much goes on a case by case basis - if your broker has said that he has received a Decision in Principle back from BM and they have agreed the application subject to valution, then it does sound possible. I don't have any applications going through with BM myself at the moment, but if the Broker has applied for the mortgage correctly and informed BM of your full circumstances, then you should be ok. Make sure that BM have instructed the survey by the end of tomorrow or you won't stand a chance!

If (god forbid) the broker has applied for the mortgage inorrectly, such as the situation Conrad suggested, do not go ahead, it will come back and bite you on the bum!

You will need to make sure you get any papers that need to be signed back to the lender VERY quickly, by special delivery if possible, (do 1:00, not 9:00, lenders very rarely have anyone there that early in the morning to sign for things, so it will just go back to the local Post Office and wait for someone to get round to picking it up!)

benz52

Cazza,

Thank you again for that practical tip of 1PM delivery. The broker told me that BM do not ask for the nationality of the applicant and if I had a driving license they will not bother to go any further. Secondly, his company is regulated by the FSA, so I guess everything seems to be fine. Any ideas? Also, I'm going to let my current property which is currently on a +99% tracker and this will be my first BTL. Is it worth moving to a BTL mortgage and what kind of potential rates can I achieve with that kind of a mortgage?

Thanks again

silvercar

Get your new mortgage first and ask permission from your existing lender to let your current property. otherwise the number of credit checks being done for two mortgages could throw a spanner in the works.

benz52

silvercar wrote: »

Get your new mortgage first and ask permission from your existing lender to let your current property. otherwise the number of credit checks being done for two mortgages could throw a spanner in the works.

the plans was always the way you stated. thanks for the info though.

Cazza

benz52, BM will ask your nationality, this is a requirement that all lenders have. As far as the BtoL mortgage is concerned, you're probably best talking to your broker about this as he will know all your details and requirements. Good luck with the deadline!