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How to check if a lender is kosher
mini_mojo
Posts: 1 Newbie
As pensioners trying to sell our own property plus two buy-to-let properties in order to buy a new build, my husband and I have no option but to look to a bridging loan for a short period, in order to secure the new build whilst we are selling our existing properties.
I have researched both local and London advisors and the London ones come out cheaper! But how do I know that I have picked the right one.? If they are honest and will stick to an offered deal and not try to change it half way through?
is a listing on the FCA enough or should I be looking for more?.
I have researched both local and London advisors and the London ones come out cheaper! But how do I know that I have picked the right one.? If they are honest and will stick to an offered deal and not try to change it half way through?
is a listing on the FCA enough or should I be looking for more?.
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Comments
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You can check how long-established they are, which is reassurance of a sort. If you tell us who they are, some of us might know of them.0
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Most bridging companies will require a 1st charge, or a low LTV against your security properties. The location of the properties will also count. They are unlikely to change the terms mid way through unless for example there are issues with you as a borrower (markers on credit files) or with your securities (e.g. if they value down). 2nd charges will mean higher interest rates. Your age may also go against you depending on your actual age.0
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I don't care if my lender adheres to any particular religion, or none.
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