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Building Society's offering follow-on deals?
se2020
Posts: 626 Forumite
Has anyone got any experience of building societies offering follow-on deals once the initial term has expired?
I'm currently looking at a property that is not mortgage by the normal highstreet lenders.
Various building societies seem to provide specialist lending against the property.
The initial 2 or 3yr terms are fairly competitive but the follow-on svr is horrendous.
Presuming the property is not going to be acceptable to a mainstream lender in 2/3yrs either and can see my self getting trapped into massive monthly repayments.
Do building societies normally offer a follow on deal at much lower than the svr?
I'm currently looking at a property that is not mortgage by the normal highstreet lenders.
Various building societies seem to provide specialist lending against the property.
The initial 2 or 3yr terms are fairly competitive but the follow-on svr is horrendous.
Presuming the property is not going to be acceptable to a mainstream lender in 2/3yrs either and can see my self getting trapped into massive monthly repayments.
Do building societies normally offer a follow on deal at much lower than the svr?
0
Comments
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The SVR for all lenders is horrendous.
We do a lot with building societies as we do a lot of adverse. Most will offer you something better than SVR without having to re-apply.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.1
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