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Mortgages from brokers - cash not from bank

bookworm2 · 2013-11-29 21:43:06

We are currently looking for a second mortgage for a build. We have an outstanding mortgage in negative equity of course. Despite being able to repay the two mortgages with little trouble, good savings lump, and good savings history when all the figures are cooked by the banks we can't get a second mortgage. Our current…

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29-11-2013 10:43pm

#1

bookworm2

Registered Users Posts: 12 ✭

Join Date: February 2009

Posts: 8

We are currently looking for a second mortgage for a build. We have an outstanding mortgage in negative equity of course. Despite being able to repay the two mortgages with little trouble, good savings lump, and good savings history when all the figures are cooked by the banks we can't get a second mortgage. Our current bank don't do negative equity mortgages so selling the property isn't really an option. So we have met with a mortgage broker who has agreed the banks are not an option for us. He has however indicated that we will be able to secure a mortgage from them via an investment company. From what I understand people invest money for a profit/interest. This cash is given to us as a mortgage and the investors interest is basically achieved through our mortgage repayments. He has indicated that the interest rate would be higher than a bank, at roughly 5% and fixed for five years. It all sounds very simple....or does it? So, dear boardsies i look to you. Does anyone have any experience or knowledge of this type of mortgage/financing and how did it/is it working out for you? Any advice appreciated!

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