Crossed_Swords

Registered with Property118.com
Saturday 24th April 2021


Latest Comments

Total Number of Property118 Comments: 18

Crossed_Swords

23:40 PM, 12th June 2021, About 11 hours ago

BTL borrower overexposure limits?

Not really, Precise insisted on a remortgage as opposed to a product transfer with all the fees that entails. Then they tried to place the charge on the freehold, I think this is a recent thing too. I don't think it affects other lenders as the freehold is unencumbered, unless they too try to pull the same stunt.

In your case could you not wait until all of them are ready to remortgage and get a multi unit one? it's what I would do except I don't own one of the flats so is not option for me. Paragon do this, I have had good service over 20 years with them although the rates might be a bit higher. Can't get on their site just now, they have limited hours... Read More

Crossed_Swords

18:50 PM, 12th June 2021, About 16 hours ago

BTL borrower overexposure limits?

Reply to the comment left by Nicholas Dickinson at 12/06/2021 - 08:07
Unfortunately they won't accept that, you have to give personal guarantees so the same rules apply... Read More

Crossed_Swords

18:49 PM, 12th June 2021, About 16 hours ago

BTL borrower overexposure limits?

Hi Binks

I have exactly the same problem, only lenders who would do it are Precise and Paragon but there may be others, you'll need to go through a broker. 25% of a block is the usual limit. Yes this is a recent thing. Precise also tried to take a charge on the freehold but fortunately I managed to bat that away as it was a remortgage and they hadn't done so the first time round. I am afraid the rates are a bit higher. Whilst annoying, I console myself with the fact that for 10+ years we have had infinitesimally low rates so will still be lower than it might have been.... Read More

Crossed_Swords

19:02 PM, 5th June 2021, About A week ago

Failing managing agent appointed by freeholder?

The fact that the accounts show 40% shortfall at the end of the financial year may well be an artefact due to payment after the YE date. It will depend how they are formatted.

As a director I think you should be kept in the loop but you may be worrying for nothing.... Read More

Crossed_Swords

20:27 PM, 29th May 2021, About 2 weeks ago

Compensation of 60 years regulated tenant?

To the first comment - EICRs only just came in... Read More