The Client
The client came to us after being declined by a lender for a buy-to-let property they were looking to purchase. Their previous broker, referred to them by their estate agent, worked with a closed or restricted panel of lenders and was unable to find an alternative.
The Scenario
Many brokers work with only a limited panel of lenders and cannot approach the wider market, which restricts their knowledge in more specialist cases. This client had given up hope of proceeding with the purchase, and was seriously considering giving up on buying an investment property altogether.
The Solution
As a whole-of-market mortgage broker with access to the full range of UK lenders, including specialist lenders a restricted-panel broker would never reach, we completed a full fact find with the client to understand their exact circumstances. From that, we were confident we could help them proceed with their buy-to-let purchase, and arranged a mortgage that got the case moving again.
The Outcome
The client’s buy-to-let purchase completed successfully. Off the back of that experience, we went on to help their son and daughter arrange their own residential mortgages, a direct result of the service and flexibility the family experienced in finding a solution to a case another broker had already given up on.
Frequently Asked Questions
Why might one lender decline a buy-to-let application that another lender would accept?
Every lender sets its own criteria, and a case that falls outside one lender’s policy can fit comfortably within another’s.
This is one of the most common reasons applications get declined even when the underlying case is sound.
What is the difference between a whole-of-market broker and one with a restricted panel?
A whole-of-market broker can approach the full range of UK lenders, including specialists. A restricted-panel broker can only offer products from a limited list.
This matters most on cases that do not fit standard high street criteria.
What happens during a mortgage fact find?
A fact find is a detailed review of your circumstances, income and requirements before any application is submitted.
It is how a broker identifies which lenders are genuinely likely to accept a case before anything is put in front of them.
Can a broker help if I have already been declined for a buy-to-let mortgage?
Yes, a decline from one lender does not mean the case cannot be placed elsewhere.
A different lender, or a different way of presenting the same case, can produce a very different outcome.
If you have any questions relating to a buy-to-let mortgage, contact us today to speak directly with one of our Mortgage Advisors.
UK Mortgage Broker is a whole-of-market broker directly authorised and regulated by the Financial Conduct Authority. Your property may be repossessed if you do not keep up repayments on a loan secured against it.
Call: +44 1628 969 500
Email: info@uk-mortgagebroker.co.uk
Related Pages
- Buy-to-Let Mortgages – whole-of-market advice for landlords across the UK
- Why Mortgages Get Declined UK – the most common reasons applications fail and how to avoid them
- Residential Mortgages – whole-of-market advice for homeowners across the UK
- First-Time Buyer Mortgages – deposit requirements, affordability and how to get approved