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mortgage stress! advice!
lalab3
Posts: 24 Forumite
What can I say but this whole process has been a nightmare!
I will try to cut a long story short.
If there have been 2 residential mortgage applications on my credit file and now I apply for a BTL..... will it be declined?
Same mortgage amount same property?
In the space of 3 months I have 2 searches from nationwide and one from Halifax.
As now going to a good broker he says it will be impossible and a bridging loan for 6 months is the only route for 6 months then BTL.
If anyone would like to know how I got yo this awful stage then I will be more than happy to explain
Any productive advice will be helpful
I will try to cut a long story short.
If there have been 2 residential mortgage applications on my credit file and now I apply for a BTL..... will it be declined?
Same mortgage amount same property?
In the space of 3 months I have 2 searches from nationwide and one from Halifax.
As now going to a good broker he says it will be impossible and a bridging loan for 6 months is the only route for 6 months then BTL.
If anyone would like to know how I got yo this awful stage then I will be more than happy to explain
Any productive advice will be helpful
0
Comments
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What has the broker said as they obviously have the full picture.0
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We have now spoken to my grand fathers broker-
He wasnt the one who applied for the other 2 mortgages. It was in house at barnard marcus! She advised that we go residential not btl although we didnt have to live there.
She also did 2 applications at the same time without informing us. Basically made so many errors!
After speaking with this broker he advised to wait 6 months re apply but do a bridging loan to buy property! But it is so costly0 -
What do you want to do? Live in it or rent it out?
If you are to rent it and the 'adviser' suggested a residential mortgage then you need to report them. 'Advisers' like this give us a bad name.I am a Mortgage AdviserYou 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.0 -
My question really is now.... would it be pointless to apply for a btl? Or too many credit searches will put the lender off? And waiting 6 months is the only way? We will rent it out aaftera little work on it? I dont want lenders to think we are messing around with applications!0
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My feeling would be that a sensible broker could sort this for you now without the costs of a bridging loan.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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