Mortgage society now introduces the unconventional
The broker Finance4 group have witnessed an increasing number of lenders warming to potential buyers different properties which collerate conversions and buy-to-let properties.
This new venture from lenders has risen to help consumers deposit large sums of cash in properties which is seen as being a major risk.
Owner of Finance4, Steve Collins commented: "More lenders are realising that perhaps they shouldn't be so scared, and are dipping their toe in the water. That's a fact – although it's happening very slowly. If you don't pay your mortgage, the lender has got to take the property back and resell it. So anything that's outside the norm is going to present them with a problem that they probably don't need."
Mr Collins feels approaching a building society could be a bad idea, simply because often the staff will not have the skills or knowledge to deal with this type of property request.
Another main factor to consider when approaching mortgage brokers is to make sure they do not contact lenders which have already rejected your application.
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