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Buy to Let Mortgage - Complaint?

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    Buy to Let Mortgage - Complaint?

    Hi All,

    After a bit of advice.

    Going through mortgage process to move to a buy to let with new mortgage company. All documents done and sent.
    They are happy with everything and all that's left is valuation of property - so I pay for the valuation (and all other little bits - around £500). Valuation comes back fine so should all be ready to go........

    Receive an email from middle man to say they cant move ahead with process unless my current manager writes me a letter saying my contract will definitely get extended and when new end date will be - even though they were happy with length of contract before I paid the money

    Any advice? started the process almost 2 months ago now so don't want to have to start again (and lose my money)

    Thanks
    JJ

    #2
    Something doesn't make sense here. You are moving TO a buy to let? Does that mean you are moving from something else i.e. residential or are you are continuing a BTL just with another company?

    Why do you need to know this information for a BTL? I've just kicked off the process this morning but I wasn't aware you needed contract information for BTL's?

    I spoke to Ken from Freelancer Financials this morning and he mentioned that some companies like Virgin can be very finicky over the details i.e. you have to have over 6 months and ideally a year long contract and must be less than half way through it. If you are borderline I could imagine they want some more details.

    I have to say you are going to be bloody lucky if you can get that commitment from your client.

    Are you using a contractor mortgage specialist?
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #3
      hi - I'm buying a new house (residential) and changing my current house to a buy to let (to free up a bit of cash but mainly to rent out).

      i have no idea why they need this info - has just been requested from the mortgage company.

      Yeah I'm going through a specialist - who have been saying all should be fine (before they asked for more). I've been on current contract just over a year but my extensions are only 3 months at a time so can't get some of the 6 month + ones (which my current mortgage provider required)

      Comment


        #4
        Originally posted by JohnJizzle View Post
        hi - I'm buying a new house (residential) and changing my current house to a buy to let (to free up a bit of cash but mainly to rent out).

        i have no idea why they need this info - has just been requested from the mortgage company.

        Yeah I'm going through a specialist - who have been saying all should be fine (before they asked for more). I've been on current contract just over a year but my extensions are only 3 months at a time so can't get some of the 6 month + ones (which my current mortgage provider required)
        Ah yes I saw who your middle man and provider was in your other thread. I've just kicked off the process with Freelancer Financials today and am currently with BM so just waiting to see if there is anything better in the market.

        I was going to say could you just not get consent to let from your existing provider but that wouldn't help freeing the cash up.
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          #5
          thanks for the reply. Glad to hear BM might come through as only heard bad things so far!

          should be ok without taking the money if all else fails

          Comment

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