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  • Mortgages & Finance

    Hitting a brick wall trying to secure finance

    Hi,

    I seem to be constantly going round in circles trying to finance out some of my properties, I have mixture of houses and flats, all in tip top nick and in nice areas. Ideally I would like to group a few together and fix up some longer term borrowing but each avenue I explore I seem to hit a brick wall. Any ideas ?

    Thanks

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    Hi Timmy,

    Give a call to the PT Brokers Team on 0333 363 6507 and talk to them about either bridging against your equity or taking out a second charge loan.

    If you have low enough LTV's across your portfolio, there should be a solution for you.

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    I have been using Jenny at HD Consultacy, the PT recommended mortgage people. They are looking at doing the same for me at the moment with various options.

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    For clarification, we have two "official" brokers supporting the community - PT Brokers powered by John Charcol and PT Financial Services powered by HD Consultants.

    Both these brokerages are highly specialised in BTL and property finance and work closely supporting the PT community to achieve their property goals.

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    Morning Timothy,

    We offer a free portfolio review to see how we can help clients. If you've got the details in a spreadsheet that's great, otherwise I can send you a template so we can get the data together.

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    You can contact me via Direct Message, or 07788 219647 or call the team on 01206 654444 for personalised quote and advice

    Hi Timmy,

    If you are looking for one lender to create a kind of credit facility across your entire portfolio so you can borrow and pay back as and when you want – but without individual mortgages on each property – then that can be difficult to arrange as the vast majority of lenders do not want to do that kind of thing. 

    However, if  you are looking to get individual mortgages on each property and still having problems securing finance then it will be down to the properties themselves or the numbers involved.  But reading between the lines it is the former arrangement you are looking for. 

    Having been in the broking industry for a long time I would say that unless you are looking to group together over a dozen properties for a single portfolio it is far more likely to be beneficial to just refinance them all individually. 

    That doesn’t mean you need a separate lender for each property as many lenders will take three or four mortgages per set of applicants but I strongly suspect you will have a few lenders covering your portfolio. 

    One benefit is that if you use one lender for everything and something goes wrong down the line then that lender has the keys to everything – spreading the lending between multiple lenders limits that potential problem.  It also means you can have different products (e.g. 2yr or 5yr rates) on different properties for which you may have different plans.

    Without knowing your full situation it is hard to advise you fully, but one of our experts would be happy to talk you through all the options available to you.

    I hope this helps,

    Cat

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    Call the PT Broker Hotline on 0333 363 6507 or email us at ptbrokers@johncharcol.co.uk