Comments on: Is your mortgage broker a liability?

By: mimi

mimi — Mon, 16 Jun 2008 16:49:24 +0000

The Bridging Store are very helpful now that MX have finally pulled the 1 day remortgage (aka closed/daylight bridge). They have a (perfectly legal) way of getting around this, and so are still able to assist in No Money Down dealing for BMV properties. The simple explanation of how this works is on their website (www.thebridgingstore.com). As Simon mentions, even when they make these things more difficult there will always be a way around it as true investors (not to mention bridging/creative finance firms) have a strong incentive to find one. You do however need to be working with a solicitor and broker who are familiar with these practises and do these type of deals regularly – otherwise they will be quick to tell you it can’t be done! The good news is that the packagers usually work with a recommended firm that understand the scenario and can move quickly (and legally!).

By: paul

paul — Sun, 25 May 2008 22:20:18 +0000

Which companies are still doing the back to back remortgage, if no comapnies are then what is the “new method” of financing the deal?

By: jim cook

jim cook — Sat, 17 May 2008 20:50:31 +0000

we act for a number of property groups & are still able to get bmv mortgages.

By: Simon Zutshi

Simon Zutshi — Mon, 05 May 2008 09:38:38 +0000

Hi Kasim,

I believe the reason that MX have now stopped doing back to backs is because they do not need the business. A few lenders have pulled out of the Buy to Let market which menas that the remaining lenders have been very busy with all the increased workload. This has resulted in all of the lenders increasing the rates they charge just to put investors off and slow down the workload. A few lenders have shut their doors to new busniess until they clear the backlog. Ofcourse none of the lenders want to run out of money like Northern Rock.

I still maintain that the professional investers amoungst us will always find a way to finance their properties whilst the amateures will step out of the market maybe for a year or two. This means that there is more opportunity for us as there will be increasing numbers of motivated sellers who need to sell their properties.

By: Kasim

Kasim — Sun, 04 May 2008 20:39:50 +0000

Maybe the three brokers were directors of Mortgage Express looking for other lenders who still do same-day bridging. MX have pulled out of this market despite their large share of it.

This is worrying because, if they think it’s too risky, then we should tread with care. Maybe MX have got their fingers burnt with this strategy.

By: Homesearcher

Homesearcher — Mon, 17 Mar 2008 19:17:01 +0000

I have told the same thing by three different brokers, so how do you get to convince your broker that it is still available ?????