Perfect credit and can't get a reasonable mortgage rate.

meelos

I'm 35 years old and I own my own home worth £275k outright.
I have an immaculate credit history with a rating of 999 out of 999.
I currently have zero debt aside from an overdraft facility which I don't use as I have about 5k in the bank.

I earn over £43k per year and have been in full time employment with two companies since 2012 with a guaranteed income until September 2018.

My apartment is a penthouse duplex on the 15th floor of my development (a renovated former council highrise converted into private serviced apartments).

And my broker is telling me that nobody will lend on a property over 5 floors and that the rent - owner ratio is too high.

I'm getting one offer from Cheshire Mortgage Corporation Limited who will lend up to 60% of the valuation at a variable interest rate of 6.69% (7.3% APRC). Which frankly I think is extortionate and risky given that the interest rate is not tied to the market rate.

Surely there is someone out there who can offer me something better?

Any ideas?

MortgageMamma

You don't say

1. how much you wish to borrow and for what purpose, this is crucial information

2. what is the rent to owner ratio

3. What reasons did your broker give you for using CMC? do you have a suitability/reasons why letter yet?

4. Have you only spoken to the one broker?

5, what area the property is in

Thrugelmir

What is your income only guaranteed to 2018. What happens then?

Why do you need a 60% LTV mortgage?

meelos

I wish to borrow £150k (or whatever the maximum amount is that I can get a reasonable rate for.) I wish to make some home improvements (with the possibility of selling) and invest in another property. So I would want a mortgage that has no early repayment fees.

My income is full-time and enjoys all the projection of a full time employee working for over a year. However when I took the position I requested that they guarantee the salary for a minimum period in my Statement of Terms to minimise the risk involved with me leaving my previous employer.

I've actually been offered another full time position, due to start in August with another company for same money but better terms. (Which I'm considering)

The reasons the broker gave were that most lenders are refusing to lend on High-Rise developments.

O don't have a renter to leaseholder ratio. However I could speculate it's 60-40. I'll email the broker now and ask.

I was referred to this broker by another (I've spoken to two).

The area is Merseyside (L5).

meelos

Any ideas guys?

meelos

Bump?
Can nobody advise me here?