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Security-backed Residential Mortgages
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TheWurzel
Posted: 08 July 2021 11:40:10(UTC)
#11

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It's a secret to me at this stage, presumably so I don't go direct and skip the fees.

Just finalising the house offer today.

I have a choice of a normal mortgage at 1.09% or borrow what I want with an extra fee of about £1.5k at 1.49%. Too much choice these days!
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Mat1 on 08/07/2021(UTC)
TheWurzel
Posted: 08 July 2021 16:49:42(UTC)
#12

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Bit of a shock going to my own bank. They are willing to lend considerably less than expected and I feel a little bit disgusted at their offering, even though I originally only joined them for the free pencil case 37 years ago. The security-backed lender are able to offer a mortgage of 72% higher value.
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2 users thanked TheWurzel for this post.
Mat1 on 08/07/2021(UTC), Steve U on 23/07/2021(UTC)
TheWurzel
Posted: 09 August 2021 09:12:24(UTC)
#13

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Just to finish this thread off. All details above remain the same - more specifically we were able to get a LTV of 64% as opposed to 40% from my bank.

It turns out the lender is Clydesdale Bank which rather spoilt my fantasy of my mortgage cheques being collected by a butler in the service of a secret boutique bank. I don't know if they offer this type of mortgage directly to the public.

One appealing feature of the loan is that the security collateral you evidence is from a point of time in the prior 3 months. Once approved they do not need to see it again nor have control of it. Taken to an extreme it seems you could hold the securities for just a single day to raise the loan and then use the money for something else.
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8 users thanked TheWurzel for this post.
D Bergman on 09/08/2021(UTC), Mat1 on 09/08/2021(UTC), AJW on 09/08/2021(UTC), Bulldog Drummond on 11/08/2021(UTC), Tim D on 02/09/2021(UTC), Mr GL on 02/09/2021(UTC), Chris1986 on 02/09/2021(UTC), mdss68 on 02/10/2021(UTC)
Mr GL
Posted: 02 September 2021 16:09:37(UTC)
#14

Joined: 18/10/2020(UTC)
Posts: 5,133
TheWurzel;180801 wrote:
Just to finish this thread off. All details above remain the same - more specifically we were able to get a LTV of 64% as opposed to 40% from my bank.

It turns out the lender is Clydesdale Bank which rather spoilt my fantasy of my mortgage cheques being collected by a butler in the service of a secret boutique bank. I don't know if they offer this type of mortgage directly to the public.

One appealing feature of the loan is that the security collateral you evidence is from a point of time in the prior 3 months. Once approved they do not need to see it again nor have control of it. Taken to an extreme it seems you could hold the securities for just a single day to raise the loan and then use the money for something else.


Hi - this is very promising - did you arrange via a broker or do you think I could go directly? Will get on the phone tomorrow...
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TheWurzel
Posted: 02 September 2021 16:37:44(UTC)
#15

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Mr GL;184398 wrote:


Hi - this is very promising - did you arrange via a broker or do you think I could go directly? Will get on the phone tomorrow...


I was a little surprised how easy it was for something that turned out to be spot on. I used a broker - if you google Private Finance Ltd you'll find them. I don't know if you're able to apply directly but certainly try that first. If you can, I'll be ruing the broker fees but they have given good service. Please update us.
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Mr GL on 03/09/2021(UTC)
Mat1
Posted: 06 September 2021 13:37:38(UTC)
#16

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Just spoke to Clydesdale and apparently you can't get this by going direct which is a shame. It seems as though brokers do actually have access to more lenient(better) deals than going direct.

I found this a couple of years ago when my broker was able to get us a much higher loan by only using the more recent years accounts. No chance doing that going direct
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TheWurzel on 06/09/2021(UTC)
TheWurzel
Posted: 06 September 2021 13:59:26(UTC)
#17

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Mat1;184921 wrote:

Just spoke to Clydesdale and apparently you can't get this by going direct which is a shame. It seems as though brokers do actually have access to more lenient(better) deals than going direct.


Thanks - I'm delighted to learn that the broker deserved his fee.
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Mat1 on 06/09/2021(UTC)
Mr GL
Posted: 06 September 2021 14:13:28(UTC)
#18

Joined: 18/10/2020(UTC)
Posts: 5,133
I've gone straight to private finance - spoke to them today and am waiting on them to come back with what they can do.
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Mat1 on 06/09/2021(UTC)
Mat1
Posted: 06 September 2021 14:51:09(UTC)
#19

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Mr GL;184926 wrote:
I've gone straight to private finance - spoke to them today and am waiting on them to come back with what they can do.


Me too :) will be interesting to see if you get offered similar deals. Wurzels deal sounds basically perfect.

My guy was very knowledgable in general. Much better than other brokers I've spoken to in the past.

Also had a chat about Lombard Loans too as an alternative which would do a similar job if the rates are low enough. Need to sit on this one for a while.
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Mr GL on 06/09/2021(UTC)
TheWurzel
Posted: 06 September 2021 14:55:34(UTC)
#20

Joined: 11/02/2018(UTC)
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I should be charging the broker a broker fee!
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2 users thanked TheWurzel for this post.
Mr GL on 06/09/2021(UTC), Mat1 on 06/09/2021(UTC)
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