My Head may BURST

[prothuk]

Hi.Had to register again as the website wouldn't let me log in.

Please could anyone offer me some advice.

My current situation is I have 3 btl properties which i purchased in my own name.Then my mother and I purchased 2 properties with the intention of refurbing them and selling on.The accountant at the time recommened setting up a Ltd company,purchasing in my own name then transferring via a declaration of trust to the company,which we did.

The market for selling died,so I moved into one house and have let the other.I tried to remortgage them both with Capital Home loans so I could purchase another house,but after both properties valuing up,rental calculations stacking up and waiting 8 weeks they turned both down.

What im trying to work out is because there are fewer products for Ltd.companies,would it be better to transfer them back into my name and remortgage them.If anyone can recomend a broker that would be useful.

Apologies for waffling but the other thing im trying to get my head around is originally we would have sold both houses and because we have equal shares,would have just split the profit,job done.Im not sure how it will work if we go down the road of keeping hold of future properties as my mother has different timescales to me,im happy to keep for the long term 15-20 years but she would want to see some return on her cash sooner.Any ideas? Mant thanks.

[CH1]

Cannot advise on your Ltd Co. status but just a comment about your CHL loan....is it that they took 8 weeks from application? or did you have a DIP? and later offer produced? I'm afraid I cannot recommend a broker as in my most recent couple of mortgages put thru' via brokers (some even advertise on sites such as these) when the lender said no, my own experience is if you personally contact the lender and present your case there are more chances of the decision being reversed. I know, as CHL stopped lending (new loans) 25 March yet I have just completed on a new loan thru no help from broker just pursuing on my own, put a complaint in if necessary as 8 weeks is a bit long to just get an answer, Good Luck -CH

[prothuk]

Hi CH.Many thanks for your reply.Sorry not sure what DIP is.Basically the mortgage broker initially said there were 2 companies to look at,CHL had a slightly better product with free val.The application went in and the valuation was booked a couple of days later.

The broker called to say that they would be pulling the deal due to an abundance of applications,but because my surveys had already been done mine would be ok,then nothing happened for weeks.After several calls the broker said that CHL would be looking at it at the end of April. I got a call from the broker saying they would not be offering the mortgage due to limited funds for this product and that the amount of people applying for this product(700 per day apparently) meant they would be graded.

So im back to square one.Both properties have a reasonable amount of equity in them as I refurbished one to a very high standard and the other I bought direct from the vendor at below market value,so Im not desperatley needing the brass but it just means I can't move forward.If anyone else has got any advice aswell it would be much appreciated..Many thanks.

[CH1]

I think you should contact CHL direct as too many times recently I have been told thru' brokers that Lender XYZ is not lending because... either too many applications, exceeded lending, over-exposed, not taking new lending etc yet each time I have got an offer from the lender directly despite paying broker fees etc. A DIP is a decision in principle -which you would have had before your valuation was carried out, but looks like yours didn't go to offer.

I suggest you contact CHL directly speak to customer relations, lodge a complaint (it can be verbal) as you have paid for survey to be done and you were informed that your application would be fine -from your quote below. They will tell you it will take 4 weeks etc etc to go thru' the formal process but in reality if you add more info. to your original concern with customer relations you may find they give you an answer sooner. You've got nothing to lose.

your quote: "the broker called to say that they would be pulling the deal due to an abundance of applications,but because my surveys had already been done mine would be ok,then nothing happened for weeks"

Keith Murrell is head of CHL mortages speak to his next in line -they can be amazingly co-operative if you cut out all the middle people,advisors, even brokers don't get too far once they think a lender says no..Never, say No! If theres a will theres always a way.

[Simon Dewsberry]

I agree a telephone call to the CEO ....yields astounding results ....you wont get the CEO but you will get their PA who you will find has incredible "power" !

Have only had cause to do this a handful of times in my life. but worked a treat on most occasions...

Nothing to lose ..

The Rodent

[prothuk]

Hi many thanks for your help.I called CHL today,unfortunately to no avail.Apparently my mortgage broker sent my applications off to a company called Mortgage Times who are packagers,according to CHL they either didn't send it on time or it was incomplete and now CHL have no more funding.So that has brought it to a dead end.Thanks.

[CH1]

Hi many thanks for your help...... now CHL have no more funding.So that has brought it to a dead end.Thanks.

ah , that'd be right they've just lent to me Oh I've had this kind of delay thru' packagers who either forget to send all the forms to lender or forget to report back to broker, either way it appears too many fish to handle one mortgage applic. .If it appears the packager didn't fulfil their role -do they have a department where you can bring this issue to light and explain the consequences of their delay and see if there is anything they can do or ask them to contact CHL or another lender on your behalf. With any lender it takes time to get through to the right person i.e. one thats co-operative and listens rather than just giving the easy answer which is no, sorry...we've stopped...blah, blah...

You need a solution not a No!

[simhar]

Keep us updated on this one!