Updating post from Reddit.
So I'm really screwed and need help. I was in the process of remortgaging then I got a call yesterday to say the only lender I was about to use backed out because the property has Atholl steel beams and there's structural cavity within the walls.
When I bought this property 5 years ago and got it mortgaged this wasn't even an issue, so someone hasn't done their job correctly and it's really fucked me.
My current lender expires may and the new rate starts in June and there a £150 increase to about £480!! I'm absolutely fuming and they told me I'd struggle to even sell because of this issue.
Any advice on what to do or a lender that'll take me on? Thanks
Why not switch to a new product with the same lender?
Also are you trying to remortgage yourself or via a broker?
Via broker, l&c mortgage
Have you tried another mortgage broker? I wont use them after one of their advisers ranted at me. The rant was about "how everyone else has to pay off their mortgage so why was I the exception" when what I was describing was a bridging loan. So i dont rate their advise.
haha. L&C use Mortgage Advice as a lead generator for their protection insurance.
Their focus is on residential and the advisers are useualy rather new to the industry, the competent ones would go out on their own if they have good customer relations.
If its a vanilla boring simple case, then the fee free option then L&C is a choice for BTLs.
This is the way. I've had a similar issue but with fire safety certificates by that absolute bunch of cowboys at TriFire when I was remortgaging with a new bank. My point is that thankfully my current lender's mortgage offer was only slightly worse and were happy to extend it without any extra paperwork or inspections.
Have you tried refixing with your existing lender? They don't usually do any significant checks if you just refix the rate.
Problem there might be the fee. Example £6k for a 5 year product. Repayment doubled too as the rate increased.
Many of the non-standard post WW2 housing types such as this are hard to mortgage and therefore more difficult to sell. However that also tends to make them cheaper which means they may have a better letting RoI but at the penalty of being harder to sell at the end of the
Refinance with current lender, they’ve already underwritten the asset for 25-30 years
Sorry to hear that /u/RecordScared3192 - i'm unsure why your mortgage adviser isnt giving you options. A fee free broker perhaps?
The "new rate" with your existing lender would be the Standard Variable Rate (SVR), you could be able to enage your Mortgage Adviser to get a Product Switch with your current lender. This will be better than the SVR and not require a revaluation.
Their are lots of lenders that will concider "non-standard construction", lots that do steel framed construction. Your mortgage adviser is correct that it will limit lending options but their are still avaliable. The team at Cyborg Finance would be happy to look at options for you, if your existing mortgage adviser is unable or unwilling.
Can I ask which lender? Did you pay for a more extensive mortgage valuation over the default?
I've got an amazing mortgage broker, he's a magician. DM if you want contact details.