Together Finance Mortgage

Nala73

Hi, I am thinking of using a "specialist" lender to obtain a mortgage following having been declined by most high street lenders due to type of property under RTB (high-rise concrete ex-local authority etc...).

It seems I will be forced to go for a high interest option with bundled in fees. I am only looking to borrow £68k so still want to pursue this if possible.

Has anyone had any experience of dealing with lenders like these?

Regards

Nala73

ACG

Ive used Together a few times.
They are quite good for cases like yours but obviously they do charge for the pleasure.

From memory their rates are about 6.4% plus a 2% arrangement fee which on a £68k mortgage probably is not as bad as it could be.

Theyre a little quirky with their processes but they tend to get there - I actually had a case complete with them today.

Nala73

Hi,

Thanks for this - I am am aware they permit unlimited over payments etc. I am really not sure what to do - I have an L&C broker at the moment and also been tempted by Capital Fortune who appear to be able to source similar rate mortgages albeit with a fee and I am wondering if this will be an option too...

Nala73

ACG

I have never heard of capital fortune so I am not sure, but I suspect they are a mortgage broker like any other.

Edit: I have just looked at their website, they are a broker like any other, albeit an expensive one.

Nala73

Thanks ACG,

I am wondering if their fees will be worth it if they are able to provide some extra influence.

I am curious who they approach too for specialist lending on my property which has had a couple valuers advise of zero resale value... I could get similar rates direct from Together without the fees the broker wish to charge.

Nala73

ACG

Thats a trade secret im afraid. If we told you who we would go to look then I would be ruining my own business but realistically your options probably are quite limited - although without knowing a lot more it is difficult to say.

I am not sure brokers hold much sway over Together, but as I mentioned their processes are quite quirky and different to any other lender I have dealt with. That can be a positive in some instances but a PITA in others.

Nala73

Thank you,

Regards more detail - would it be appropriate to discuss my options further?

I feel at the mercy of a potential high rate lender but feel it will still be worth it as I have little opportunity to get on the property ladder otherwise and with a maximum RTB discount entitlement, I have been told it would be daft to not attempt to purchase this flat - I have lived here 14 years currently and not sure what I intend to do longer term but feel now will be the right time.

Regards

Nala73

ACG

There may be better options, but it is difficult to say.

Could you not see if the broker can obtain anything better than Together and only charge their fees based on offer of a Mortgage?

Nala73

Hi,

The broker I have currently is reluctant to recommend high rate lenders and then I have this "capital finance" broker who I was directed to by rockhopper... They are charging a fee at point of application and then the remainder upon completion (£1200 in total).

The rates they are quoting are more or less the same as Together!

Regards

Nala73

ACG

Fair enough, the fee in itself is probably a little high if you have no bad credit, but maybe not a million miles out, but for me if I was a customer I would only pay on offer of a mortgage, not on application.