as a keen BTL investor I have used many different mortgage companies and here is my current list of best and worst lenders. they are rated by a mixture of speed to offer, speed to complete, rate of their products.
The Good
1. BMS – Birmingham Midshires.
speed to offer is excellent and no problems with completions either. i’ve had valuations booked the same day as my broker has instructed them. They products are amongst the best out there. the only thing that lets them down is they only offer 85% of purchase price for their instant remortgages.
2. MX – Mortgage Express.
Speed to offer is good, but they sometimes have delays, no problems with completions. Product wise they are quite competitive and used to offer a really good five year deal. They are one of the only lenders who do instant remortgaging to 85% Value of property.
3. TMW – The Mortgage works.
Speed to offer is ok, overall speed is consistent. They have good products for limited co’s but require you to use their solicitors to check everything out. no instant remortgage.
4. Bristol and West Mortgages.
Speed to offer is average, overall speed is consistent. Some of their products allow the rental to be 100% of the mortgage payments, which makes it easier for some deals to stack. no instant remortgage.
5. TMB – The Mortgage Business.
Speed to offer is slow, overall speed is consistent. They have a product that has NO rental calculation allowing you to purchase by using 15% deposit. The rates are not brilliant and you can only have one of these at any one time. Perfect if you are buying a property to sell on ASAP as their is no rental calculation which means you can buy more expensive properties.
The Bad
I only have one at the moment read: http://www.dave.so/property-investment/gmac-cannot-meet-completion-dates-rubbish/
GMAC – RFC
Speed to offer is quick. speed to completion is terrible, they have not managed to meet 1 completion date in 3 mortgages with them. The rates are average, but they offer a high LTV of 89% and also have a 100% rental calculation making this company useful for deals that are hard to stack.
even though i keep going on about them and their bad punctuality with completions i may use them again as they have a useful product.
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Being a GMAC RFC member of staff I feel that you have been misinformed by your solicitors regarding the mining report. This is always a condition of the offer and the solicitors are made aware of this in the offer pack they are sent. We cannot be held responsible if the solicitors do not read the offer fully.
thanks for your comments. i will confirm this with my solicitor.
i have an associate who is also trying to complete on a GMAC mortgage he is a keen investor. 6 weeks into the instruction, GMAC are asking all kinds of details about another mortgage he has. Could these questions not be asked at 4 weeks ago when the mortgage was instructed?
I’ve used GMAC on one mortgage recently.. I didn’t find the service brilliant either. It wasn’t the mining report, but something else, can’t remember now. Only used them as they have a 89% of purchase price loan.
My favourite at the moment has got to MX, with BMS not far behind.