Mortgage Company or Broker?

fortgrange

I posted this in the credit file section by mistake 

I’ve had an offer excepted on a grade 2 listed thatched cottage and would like to get a small mortgage (12% LTV) in case of any unforeseen issues that might crop up.

Due to it being listed, thatched and over 400 years old, would a high street lender run a mile whilst potentially leaving a dirty mark on my credit file. 

My heart says broker, but it appears to be easier dealing with the mortgage company directly. And assuming they don’t hike the interest rate due to the unusual nature of the building the cost should be competitive.

Thanks for any pointers.

ACG

You appear to know at least some of the potential issues. 
Call up the lender you are looking at and ask about their stance on the issues you have raised. Grade 2 listed is usually fine. I am not sure about the thatched roof, I do not think in 10 years I have ever had to do a mortgage for a property with a thatched roof. 

I have never dealt with a lender as an individual, but when I used to work for a bank you would need to call up a call centre and wait to get through to someone to then eb transferred through to your adviser. I know most brokers you would either call their office or mobile and get through to your broker directly, I would be surprised if a bank is easier than a broker but I could be wrong. 

fortgrange

Thanks for the reply.

As you say a call to them directly might shed some light.
I’m hoping the LTV ratio would carry some weight.

K_S

fortgrange said:

I posted this in the credit file section by mistake 

I’ve had an offer excepted on a grade 2 listed thatched cottage and would like to get a small mortgage (12% LTV) in case of any unforeseen issues that might crop up.

Due to it being listed, thatched and over 400 years old, would a high street lender run a mile whilst potentially leaving a dirty mark on my credit file. 

My heart says broker, but it appears to be easier dealing with the mortgage company directly. And assuming they don’t hike the interest rate due to the unusual nature of the building the cost should be competitive.

Thanks for any pointers.

@fortgrance I think you'll be fine either way. I just did a rough-and-ready search on my criteria-tool for lenders who will lend on Grade 2 listed thatched roof cottages and it was a long list with plenty of familiar names. There might be LTV caps, but you only require 12% so should be fine.

With standard mainstream mortgages, there is no customised interest-rate loading for individual clients. There's a set product guide and menu of products which you can apply for if your case meets the criteria.

RSMB14

K_S said:

fortgrange said:

I posted this in the credit file section by mistake 

I’ve had an offer excepted on a grade 2 listed thatched cottage and would like to get a small mortgage (12% LTV) in case of any unforeseen issues that might crop up.

Due to it being listed, thatched and over 400 years old, would a high street lender run a mile whilst potentially leaving a dirty mark on my credit file. 

My heart says broker, but it appears to be easier dealing with the mortgage company directly. And assuming they don’t hike the interest rate due to the unusual nature of the building the cost should be competitive.

Thanks for any pointers.

@fortgrance I think you'll be fine either way. I just did a rough-and-ready search on my criteria-tool for lenders who will lend on Grade 2 listed thatched roof cottages and it was a long list with plenty of familiar names. There might be LTV caps, but you only require 12% so should be fine.

With standard mainstream mortgages, there is no customised interest-rate loading for individual clients. There's a set product guide and menu of products which you can apply for if your case meets the criteria.

@K_S I have an AIP from a lender, I’m salaried, no bonuses etc and entered all outstanding debt/credit cards etc, so do you think this is reliable? Good credit history(no missed payments) thanks 

K_S

RSMB14 said:

K_S said:

fortgrange said:

I posted this in the credit file section by mistake 

I’ve had an offer excepted on a grade 2 listed thatched cottage and would like to get a small mortgage (12% LTV) in case of any unforeseen issues that might crop up.

Due to it being listed, thatched and over 400 years old, would a high street lender run a mile whilst potentially leaving a dirty mark on my credit file. 

My heart says broker, but it appears to be easier dealing with the mortgage company directly. And assuming they don’t hike the interest rate due to the unusual nature of the building the cost should be competitive.

Thanks for any pointers.

@fortgrance I think you'll be fine either way. I just did a rough-and-ready search on my criteria-tool for lenders who will lend on Grade 2 listed thatched roof cottages and it was a long list with plenty of familiar names. There might be LTV caps, but you only require 12% so should be fine.

With standard mainstream mortgages, there is no customised interest-rate loading for individual clients. There's a set product guide and menu of products which you can apply for if your case meets the criteria.

@K_S I have an AIP from a lender, I’m salaried, no bonuses etc and entered all outstanding debt/credit cards etc, so do you think this is reliable? Good credit history(no missed payments) thanks 

@rsmb14 If the information was entered correctly and as per the lender criteria, an accepted DIP is as much assurance as you're likely to get prior to full underwriting.

fortgrange

Thanks very much for the information.

I guess I’ve just fallen into the modern trap of sitting in your armchair and applying online, it seems to be so much easier applying for a mortgage than it used to.

I was concerned I would go through an online application only to fall at the final hurdle when they discovered what sort of house it was. But thinking about it I would probably be turned down before any credit check.