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I am a full-time Landlord and applied for a BTL mortgage for another purchase. I was stunned when my broker informed me that the company (a well known BTL lender) declined my application on the basis that the vendor was selling the property through an online estate agent called Springbok. Has anyone had an application declined for this reason? I have to admit that I'd never heard of them before I put an offer in to buy the property. I don't understand why they would refuse to have any dealings with this estate agent and wonder if anyone can throw some light on this as I'm puzzled.
I had a similar experience with a lender with a Local Agent not Springbok
I could not get to the bottom of the issue
But if memories serves me right it was on the market with two agents
I did get the property but I had to use my own bank
I would imagine lenders must have a data base on who they will trust and who they don't
I think the lender was TMW if that's any help.
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Hi Amber,This is not the first time a lender has refused to deal with Springbok.You will find your answer here:Mortgage refusal - seller is Yellow Springbok
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**
Yes. They don't like property sourcing companies for many reasons such as undisclosed incentives. Plus distressed sales come with some risk.
It may not be springbok specifically but properties found via these types of distressed sales companies are frowned upon.
_________________________________________________________________________My posts are not financial advice, just a rambling guy passing time on a coffee break.The team at Bespoke Finance offers advice, including Limited Company Buy-to-Let , HMO Conversion and Cheap Life Insurance._________________________________________________________________________
Hi Adam, what kind of undisclosed incentives are involved and to who would they be paid to? I'm referring to "these type of situations in general" and not to any particular business
Thank you all for your replies. Vanessa, that you for the link.