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Penny House Case Studies 

 

Why would I use a broker when I can go direct to a lender and pay no fees? 

I work with the whole of the market and most lenders have Business Development Managers. These are people who are employed to work on an intermediary team which is a broker team, and their specific role is to help me get business through. 
 
I will go them if you have any questions or go to them if you have a tricky case or even if you haven’t got a tricky case and want to maximise your income or do something on the mortgage. 
 
I can put it out to all of the Business Development Managers I know and their job is to help me get you that mortgage. You’ve not only got me fighting for it but you have also got them which is very very powerful. 
 
I have had a situation where a client has come to me having been declined by the lender, I have then approached the lender from our side and with the help of the Business Development Manager we got the application accepted when it was a hard decline from the bank, in this case Santander. 
 
 
Refurbishment Buy to Let 
If you are buying a property with the intention of renting it out, but it is not going to be deemed suitable for renting out immediately because it needs work doing to it then looking at a refurbishment buy to let mortgage might be an option for you. 
 
What this does is that it means the lender will give you two offers before buying the property. One offer is for bridging finance and then another offer which is a buy to let mortgage offer. This gives you the security of being able to come out of the bridge. 
 
If you don’t want to go into a buy to let mortgage at the end of doing the work, then you are also able to sell the property. The beauty of this mortgage is that a surveyor will go to the property before you buy it, and value it in its current state. They will also give a value based on the schedule of works that you intend to do. What this means is that if your numbers are significantly different then you might want to look at the deal again. 
 
Joint Borrower Sole Proprietor Mortgages 
This mortgage is specifically related to if you are going through a divorce and need to buy out your partner. 
 
A family member can go onto the mortgage with you which means you can buy out your partner/ex-partner. This can be a solution if your affordability doesn’t meet the whole of the mortgage on its own which quite often happens because when two people go into a mortgage together, both incomes are used and affording the mortgage with one income can be quite difficult. 
 

Let to Buy v Buy to Let 

These are very similar. Buy to let in a nutshell is buying a property that you intend to rent out or remortgaging a property that you intend to rent out. 
 
Let to buy is when you live in a property, you own as your main residence and you want to move on. Perhaps you want to raise some funds on the property you live in to be able to buy a new one. So, you are letting the existing property to buy a new one 
 
What can happen sometimes is that a client may want to raise some money on a property but doesn’t want because there is nothing available or they cant afford it. We can do a let to buy and instead of buying a new property, they can let the current property and rent a new one. 
 
The key to this is to make sure that you have an address of where you are moving to, i.e. a tenancy agreement. If it is a let to buy and you are purchasing then maybe a simultaneous completion so that the lender is comfortable that you won’t be living in that property because you won’t be able to live there if it is a let to buy. 
 

Buy to Let - Maximum Terms and Maximum Ages 

I deal with quite a lot of clients who are in their 50s and 60s and they have got buy to let portfolios in the background and when it comes to remortgaging they get worried about the term they can get as there is a general feeling that you can only get the mortgage until age 70. 
 
I have done a buy to let remortgage for a 79-year-old lady over a 35 year term. It was with a high street lender, she got a great rate and was pleasantly surprised. It can be done quite easily, you just need to know where to go with it. 
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