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We live in a newly renowated ( we have renovated) terraced house value at 650k with 147k mortgage still to pay.We have found a neglected property that needs renovation to move to. The idea was to quiclkly improve this house and save for proper renovation unfortunetly lenders are not happy with our plan!!!After initially giving as AIP they checked the estate agency photos and they refused to lend( no hard check done, only based on valuation). They also got suspicious why we are moving from our lovely 5 bed to a smaller, neglected house ?! Brokers said it is over and after some talks they said we could apply for bridge loan.Can anybody advise what to do? This is very frustrating and crushing us.
Bridging loans can be used in such a circumstance, although you must have a residential lender lined up at the same time, so that there will not be a problem redeeming the bridge when you have finished your refurb.The PT Brokers Team on 0333 363 6507 can assist you in setting up both the bridge and the term finance to move onto.The main thing here is to be fully upfront with your plans and explain what you are doing and why you are doing it. It seems your current lender has decided that you are somehow trying to "game" the system.You really need a broker who understands what you are trying to do and who can set up both transactions for you, so that you know you have an exit for the bridge. The PT Brokers Team are on hand to assist if you need it, as they can assist with both BTL and residential finance, and also bridging loans.Hope that helps and good luck. Let us know how you get on ...
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I did called PT brokers and we are using them. Are they John Charcoal? I got slightly confused. I have used the number you have provided and it was John Charcoal, wasn't it?
As for being upfront we have explained in details our plans and they passed that knowledge to the lender. They even know that our house used to be very neglected too before renovation. We are not newbies when it comes to renovating houses.
We have two "official" brokers, PT Brokers powered by John Charcol and Property Tribes Financial Services.Forgive me, I did not mean to imply that you were newbies. If you have been upfront, then I am sure it can get sorted.
No problem. I am sorry, this is just become very stressfull after initially going nice and smooth. The house we have found is a perfect project and will look completely diffrent in two weeks time amd now we are loosing it thanks to lenders decision based on assumptions.
We may be able to assist but need to know more about you, your credit status, income, age etc etc etc (ie the usual Fact Find data) before we can recommend a way forward.
Call the PT Mortgage Broker Team on 01206 654 444 or email firstname.lastname@example.org anytime for professional advice.
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