Buy to Let - 5 year fix? Leeds BS?

TraceyJ_2

My broker has recommended the Post Office's 5 year fixed buy to let mortgage which has a fee of £1495 (3.75% fix). I've found a cheaper overall 5 year option with the Leeds Building Society (3.99% fix) but cannot do this through the broker as they haven't recommended this product to me - they say LBS take a long time to process applications and can sometimes reject them late in the process.


Has anyone had an application with LBS processed without problems or delay?


LTV is 63% and this is our first buy to let - mainly to help out a parent with their house sale but also as a pension investment.


Thank you.

amnblog

You can insist to take your own chosen product and ask the broker to arrange it for you.

You will just have to take the consequences if it transpires your broker knows more about mortgage lenders than you do.

ACG

Leeds are slow at the minute.

If your situation is straight forward enough then there is no reason for them to decline you, it may just take them longer than others to get to offer stage. Only you can decide if that is worth the potential savings.

You can still go with Leeds through your broker (if he/she is happy to process it).

paul1988

hi there,

to be honest i found leeds very quick on my mortgage offer,it was my broker that took the most time cos she got her money and upped and headed of to vegas for a few week so had to handle everything myself.

they do request alot of paper work but if you have a branch near you this is alot quicker.

it took leeds about a month to get everything in place for me with the mortgage offer,i am now at the stage of waiting for the council to agree to the affordible housing sale.

so hopefully have the completion date soon enough lol.

best of luck

Dave_Ham

First buy to let, mention of helping parents out; I do not think either Leeds or Post Office sound like a fair fit from high level facts.


Ensure the broker knows exactly what the situation is with your Parents. If this is money from them gifted, them living there or anything similar then please triple check the details with broker/lender.

butters86

Leeds BS do not accept gifted deposits for a BTL and they take a while to get to offer.

My BTL remortgage was straight forward and it took 4 weeks and the staff are clueless!!

My gifted deposit was from my fiance from the sale of her house and as she was not going to be named on the mortgage they would not accept it!!! This would have taken my LTV down to 50% and was only a payment of £15k.

My advice is to go elsewhere!! Looking at the competitor tables, Accord have some very competitive products and will be available through your broker.

kingstreet

butters86 wrote: »

Accord have some very competitive products and will be available through your broker.

Frying pan... fire, springs to mind.

ACG

butters86 wrote: »

Accord have some very competitive products and will be available through your broker.

Hilarious!

Accord have some very competitive products... the trick is to get them without:
1) Going bald,
2) Having a heart attack
3) Going insane
4) Banging your head against a brick wall
5) Giving up the will to live
6) Giving up on the application
7) Wondering what you have done so bad in life for this to be classed as Karma.

jimjames

ACG wrote: »

Hilarious!

Accord have some very competitive products... the trick is to get them without:
1) Going bald,
2) Having a heart attack
3) Going insane
4) Banging your head against a brick wall
5) Giving up the will to live
6) Giving up on the application
7) Wondering what you have done so bad in life for this to be classed as Karma.

Having seen some of the warnings about Accord I did wonder if we were doing the right thing applying to them.

But we've now had the mortgage offer through and although some of their questions and documentation requirements were quite onerous the process was fairly straightforward and hasn't taken too long.

So far the rate was worth going with them. Not exchanged yet so still the opportunity for things to go wrong but mortgage offer has been made.

amnblog

It is not just the service standards that make many brokers nervous, it is the eye watering revert rates.

butters86

SVR is the highest in the industry at 5.99% but how many customers actually go onto their lender's SVR?? Not many I would imagine.

They also offer their customers the chance to take a new product with them which is fee free unlike my previous lender (Skipton BS).

Agree with previous comments about strange document requests. I must have sent them half a tree for my latest BTL purchase this week!!!