What you need to know about semi-commercial mortgages – and valuations!

We’re back! After a few weeks of dealing with the crazy amount of completions we seem to have had, and a week of an un summer holiday in Devon it’s back to blogging!

This week we are talking about semi-commercial mortgages. Specifically the valuations for these mortgages as they are so important.

When someone calls me up to ask about semi-commercial mortgage quotes and costs, the assumption from them would be that we are looking for the ‘lowest cost’ option and that’s not what I am thinking! There are a number of semi commercial lenders back in the market now, most at 75% LTV and some at 70% and their rates are similar. There are pros and cons of them all and we will discuss that. The most important part of that comparison is not necessarily rate though, the valuation methodology is often overlooked and that’s something I will always want to cover at the beginning.

How do you value a semi – commercial building? 

The commercial element can be valued as a vacant building, or with the benefit of a tenant in the property. The difference is usually about 10-15-% depending on the location, tenant and lease length. Some lenders will use the vacant value and some use the market value and that can make a big difference to the amount you are able to pull out of the property.

What about the residential element? 

It’s more common now to see HMOs above a commercial unit. It’s an easy way to up your rent, and given the location (usually above a parade of shops) there is less issue with demand when letting to students or professionals than to a family.  Again the value of an HMO can depend on if you’re using the vacant or bricks and mortar value, or the market value. There is an assumption that as you are paying for a commercial valuation that you will get a commercial figure but this isn’t necessarily the case!

Some lenders will use the market value, which is fantastic for pulling as much money out as you can, and some will (as with the commercial element) use the bricks and mortar, or vacant value. 

As an example, we have recently refinanced a semi commercial property for a client. It is a shop with a 4 bedroom HMO above. The vacant value is £285,000 and the market value is £310,000. This means that the client has been able to pull out an extra £18,750 by using the market value of the building. This can be far more important than a small difference in interest rate. This client has used those funds as a deposit for another BTL property, so the onward return is increased even further.

So how do you know what to do and who to use? 

This is where you need a good specialist broker! We have great relationships with our lenders, we only use lenders that we know and trust and this means we know their criteria and appetite inside out so we know what to expect! With rules changing so often at the moment,  it’s important that your broker specialises in these types of cases and understands valuation methodology.

As always give us a call if you have any questions.

 

All you need to know about mortgages on blocks of flats – and a good example!

I’ve had quite a few enquiries about flats recently, and we’ve just had an offer through for a great example of how to structure your mortgage so I thought this week I would run through all you need to know!

Firstly, what’s a multi unit freehold block (MUFB)

It’s a block of flats where it is all on one freehold, so it is kept all together as one with no flats on their own leasehold titles. We sometimes see blocks that have been broken up, so some flats have been sold off within the block and that can cause issues with your mortgage so it’s worth checking the Office Copies at Land Registry to see what the situation is before you proceed. Some lenders do not like split freeholds – ie. where some flats are on their own leasehold – whether you own them or not.

What do you need to think about before you put an offer in? 

  • As I’ve mentioned, the Office Copies are really important so always check this before you do anything else – it’s a quick and cheap starting point!
  • What planning is in place if the property has been converted? There are so many historical conversions that don’t have the correct planning so this is something to check. You can look at the planning portal, or check with the planning department. Don’t assume that just because the council tax is separate that it’s been granted!
  • Could the properties be split off and sold separately? Utilities need to be split, check the water tank and boiler too.
  • Are each flat over 30m2 and do they have independent access?

What mortgages are available and what should you think about? 

As always, there are a couple of considerations as well as the interest rate! There are some lenders who will offer a competitive rate for blocks of up to 12 flats and for purchases this may work well. We can look at it on a 2 or a 5 year fixed, so if you are looking to refinance at some point there there are shorter options.

These lower rate lenders will value the property at what’s called a block value though, and that may or may not work for you. What this means is that they valuer will look at the individual values of the flats, and then deduct about 10-15% depending on the demand for the sale of the full block. Recently we have seen a fairly consistent 10% being deducted from the value.

If you want the opportunity for an aggregate value, then we do have other options. This could be for your own development or a refinance of a property you already own. Rates will be higher, but as always it is about the bigger picture! For blocks of up to 10 flats, where the valuer confirms that the flats can be sold within a 12 month period, then we can use the aggregate value; this means the total value of the individual units. In real terms this usually means an minimum of 10% on top of the block value, so that’s the consideration on absorbing the rate difference.

There are other reasons that you would use a more specialist lender, so don’t get put off when things look a bit more complicated:

  • Some flats are under 30m2
  • Where some flats are on a leasehold title so it’s not a freehold block
  • Where some flats have been sold off so you don’t own the whole block
  • If it’s a block of more than 12 flats

As always, consider your yield when looking at these properties, the rate is only a deciding factor if the yield isn’t enough! 

A recent example…

A client has built a block of 6 flats and is putting them on long leasehold titles. We have had a valuation carried out and are able to use the market value as the flats could be sold within 12 months. This is giving the client an additional 10% on top of the block value – in this instance it was increased the loan size by £123,000 so can make a big difference to the viability of the project. We were able to fund 75% LTV of the aggregate value.

Give us a call if you want to run through any examples.

Focus on HMOs: Do you need a hybrid valuation and why you want a specialist lender

So here we are at Friday again – for many of us the Friday we have been waiting for! We’ve also had a solid budget this week, with an extension to the stamp duty relief which is great news.  With all this, as well as a clear roadmap out of lockdown, it does seem like there is some vibrancy to the market this week.

I’d like to talk about HMOs this week.  It’s a hot topic at the moment and we have had many enquiries asking about how to value properties and what rates we can do.  These conversations don’t always go the way clients expect though, so I thought I’d explain it in a bit more detail.  As you know we are big believers in looking at the bigger picture and not chasing low rates so this should help explain why.

Do you need a Hybrid valuation or will a bricks and mortar work?

Before we go on to hybrid and bricks and mortar methods, I just want to mention commercial valuations.  The words ‘commercial valuation’ are used a lot in the property world, and not always correctly.  The lender decides on the type of valuation we use, so we can’t request what to have; and no, it doesn’t always mean a yield based valuation!  We would only be able to use a commercial valuation for HMOs where it is 7 bedrooms or more.  There will always be a ceiling price for a property in an area based on the location, size, condition and demand and that needs to be taken into account when looking at the yield calculation.  It’s really important that as investors you do the same to be as accurate as you can.

Hybrid valuations are also something which I don’t believe are explained very well a lot of the time!  It is something that some lenders allow, but it is up to the valuer to decide what that means and what the figure would be.  I have written a blog on it here, but what I wanted to talk about today is whether it is important to you and your property.

I am a big advocate of using a hybrid valuation, but there are only a few lenders who truly use it, and it is more expensive.  So do you need it? 

If you have spent a significant amount on your refurbishment, and the total cost (refurbishment and purchase price) is significantly higher than the bricks and mortar comparables then it is worth exploring, but if not then it may not be.  I have had examples recently in Suffolk and Kent where the bricks and mortar value is significantly higher than the hybrid calculation, but areas in and around Manchester, for example, have lent themselves to a hybrid model.  It allows you to pull out what you have spent on the property when that figure is more than the bricks an mortar.  We do sometimes see the elusive ‘no money left’ situation sometimes, but that is rare, especially at the moment.  When we have seen it is where the client has done really well negotiating on the purchase price and they have made the extra money before they have even started works – you can only get this back out on a refinance through.

So why would you want to use a specialist lender?

There are so many benefits to using a true specialist lender.  Their rates will be higher than the ‘specialist side of vanilla’ lenders, but as you know we are big believers of looking at the bigger picture:

  • They work with property investors regularly, so they understand that your income may be low due to carrying forward losses.  There is generally no minimum income requirements as long as the situation makes sense
  • The required documents that you need to provide are simple and straightforward.  There is no new list once the initial requirements have been satisfied!
  • We are able to speak to the underwriter directly, so if there are any issues then they are usually quickly resolved with a phone call.  We have a good relationship with our lenders so are able to pre-empt any potential issues a lot of the time and have a good idea of what will work and what won’t.
  • They are far more open to investor funds, which is a big deal at the moment.  I have mentioned previously that there is plenty of money within the property world, with private investors looking for better returns than they can in bank savings.  There are also plenty of bounce back loans within the property investor community, and both of these options aren’t acceptable to many less specialist lenders.  Even having a BBL in your account could present a problem, so if you want to take advantage of these funds then you need to know where to go.
  • You have far more choice of how to structure your limited company in terms of SIC codes, number of directors/shareholders and group structures.  Often less specialist lenders have restrictions around this that can cause issues with the way your company is set up.

As always, if there is anything you want to chat through then give us a call.  Enjoy your weekend – the evenings are lighter and things are definitely on the up!

 

Case study: When you need 75% on a tricky semi-commercial property

It’s Friday again everyone.  I hope all of our working home schoolers are asking for as much help from relatives/friends as you can.  I decided to take on Ellie’s daughter’s schooling for RE…  With no children at home, I really didn’t understand just how time-consuming home schooling was.  I’m only doing 2 hours a week, but if a few people can do zoom lessons, it really does help in more ways that you can imagine.  Employer empathy and support is key to keeping good staff in a healthy mental state at the end of this tough time.  We all need to dig deep.  I took my actions from watching the Ernest Shackleton Antarctic trip in 1915…. Absolute team work is key to long term survival.  It’s worth a watch for some inspiration.

So to the weekly blog.

As it is the last of the January case studies, this week it is on a refinance of a semi commercial property.

The property is in London, has been extensively refurbished over the last few months, extended and fully tenanted out.  As you are aware, using commercial rent can be difficult during this time, particularly if you need 75% loan to value!

If you want the maximum LTV, then comprehensive knowledge of the property and client is key.  Most commercial rent cannot be used if the tenant has not been trading in lockdown – which for some industries was sadly not an option.  The tenant also needs to have been trading for more than 12 months and have a minimum of another 12 months left on the lease.  This particular commercial tenant had another food shop, so able to trade.  They were expanding and had just signed a new contract at our property, which was a problem for this lender.  In anticipation of the lender’s questions, I extensively researched the viability and quality of the incoming tenant so I could satisfy myself it was worth a ‘fight’ with underwriting.  That included websites, social media, reviews – all angles covered.

This all started before Christmas when, as you are probably aware, lenders were super busy.  The underwriter was honestly one of the best (Greg Barnard of Hampshire Trust Bank) and happily called me to discuss the detail; which can resolve things so much more quickly and easily than a long string of emails.  With some fine tuning of information, we had our offer at 75% LTV.  This gave us a super happy client and completion should be today.

I know we keep bleating on about this, but knowing your lender’s true appetite it is so important to the outcome of the case. 

The other important part is having a really good team at the solicitors (Nicola Watson, Naomi Williams and Eva Ciunkaite at Paris Smith). They can make or break transactions – opt for a ‘cheap’ option and you can really end up paying more.  They have worked tirelessly, 6 days a week and their communication is top drawer as well. Thank you, ladies.

Baya are still able to complete refinance cases in a reasonable time – lender dependent still before end of March.

Case study: When your simple HMO refinance doesn’t go to plan

Happy New Year to your all! I know it feels like 2021 has been around for far longer than just 8 days.. but here we are on week one of the blog.

For January we are focusing on case studies; as we are often asked what sort of properties we look at and what the benefits are of a specialist broker.  So here are some examples which show the sorts of things we can help with.

This week we are looking at an HMO refinance. Might seem like an easy one on paper but this one wasn’t! The client called me up just before Christmas in a bit of a panic. She had bought a property in summer the of last year with the plan of converting it into an HMO from a commercial building.  Planning was granted and the conversion started all on target but by October she had completed the works and was starting to look for a refinance options.

The broker she was using at this point went back to the lender that was used for the bridge to arrange the refinance, but they gave the property a ‘nil value’.  Now this doesn’t mean the property is worth nothing, but that it doesn’t fit with the criteria of that lender,  therefore is not suitable security. App fee and val fee wasted! The broker then tried another lender and had exactly the same outcome. Both lenders are those which we could call the ‘vanilla side of specialist’ and although they do lend on HMOs, they are strict within this area.  So the client has paid for 2 app fees, 2 valuation fees and no end in sight for the bridge.

The client didn’t know what the problem was, but reading the reports it could be any one or a combination of the following:

  • insufficient demand for that sort of property in that area. For example a property designed for professionals in an area which typically doesn’t see that.
  • Rent which is significantly higher than the market rent you would expect. Even if you can fill the property quickly, and it still fits (for a mortgage stress test) on market rent
  • The property would struggle to be converted back into a family home if the lender did have to do this to sell it on. This can be where we have 5-6 bedroom HMOs with all en suites. It may also include kitchenettes or second kitchens.

The frustrating part is that we have no recourse to challenge the surveyor, or find out why it doesn’t fit with that lender as quite often the lender themselves don’t know!

So what did we do differently? 

After a long chat with the client to find out what she was looking for, we decided to try a more specialised lender. The rates are slightly higher, but we have so much more control over the process. We can choose from some available surveyors and we can speak to the underwriters if there are any issues. This particular property had a great yield even as a single let, so I knew that if a lender saw this they would be fine – as long as I could have that conversation!

The client was so frustrated, worried that her bridge would run out without a solution and frantically trying to find a cash buyer in case we couldn’t find a solution.

We spoke about how much she had spent on the property and some comparables to see what we would be looking at for a value. She had over estimated her original value, and the broker had not given her the original bridge valuation which was frustrating. We got three valuation quotes, as we are able to with this lender, and the client made a decision as to who to go with. Again we talked about the options, our previous experiences with these valuers and the balance between cost and availability.

The application was submitted and we waited cautiously for the valuation. It came in higher than we expected, roughly the total cost of the purchase and cost of works which is what we would normally see for a hybrid valuation. I wasn’t really expecting to see a hybrid valuation given the comments around a lack of demand for HMO room rentals on the previous valuations, so that was a pleasant surprise!

The client was over the moon, she had invested so much time and money into this project. It meant she can not only keep the property,  but also pull some money out to move to another project. She was able to borrow 75% of the open market value.

The offer came through on Xmas Eve – we don’t often get tears over a formal offer, but it really made her Xmas.

The important phrase that we keep mentioning is The Route of Least Resistance.  Investors are not charities, so unnecessarily spending, particularly on small properties, is painful and difficult to recover.  Be realistic about your investment and try to steer away from only focussing on the annual rate.

How Covid has changed the property market

We are half way through lockdown, hopefully! How are you all finding it – is  it tougher than previously? This week I am talking about how Covid has changed the investment property market. I spoke about this at last week’s PIN meeting, but I wanted to go into a lot more detail on the blog as I think it’s such an important topic at the moment.

There are two aspects to this; the types of investors who are now coming to the market, as well as the types of property and tenancy.

Who could be the new investors on the block? 

There are plenty of reasons why people may be looking to get into property at the moment. We have had such a massive change of lifestyle and direction this year; many people have spent more time with their family and have realised that they want a career that is more flexible around that. We have all had time to stop and reassess what is really important to us – stepping off the hamster wheel can make you reluctant to get back on it!

Property can offer so much more flexibility in your life, it can be YOUR career on YOUR terms. It will be full of challenges, but also comes with autonomy…  and, of course, the potential for growth.

Grabbing an opportunity…

With plenty of working people having been furloughed for possibly a lot of months, then being made redundant, this may give some the push to use the money and put down a deposit on a property.

A lot of you will also have gained some extra time with less social activities, therefore allowing time to spend dedicated to researching potential areas to invest in and work on strategies.  Netflix or new career research…..????

Also, I think that having gone through this year and the uncertainty it has brought, it has increased the importance of having a diversified income stream. Property can be something to add to your income pot, adding an asset to any savings and/or pension, but importantly it gives an income to take the pressure off in a changing jobs market.

There are also a number of ways in which Covid has changed the way we view particular tenant profiles.

Students

This is a far more resilient market than I think anyone was expecting! Back in March lenders were worried that this academic year would be completely online learning from home; yet we have seen students return or go to university. They are craving any kind of normality it seems! There are also benefits to house sharing in HMOs over student accommodation at this time. It’s generally smaller bubbles and you have got more communal space if you are limited with your external social life. There’s also the option to encourage a two year letting period taking away the need to find and view somewhere new to live. This gives you the option of somewhere to stay during the summer if you’re not able to go home.

Long leases 

In this uncertain market, lenders and landlord are crying out for some guarantees, and that’s what this can offer. For a long time any lease over 12 months was a big problem, but now we have at least three lenders who are looking at this, and at competitive rates, on a 75% loan to value, interest only product as we discussed previously. The yield may work out slightly lower, but when you take out voids and repairs you aren’t far off what you would get for a professional tenant. This is definitely a growing market and something I’m sure we will see more of.

Holiday let’s

UK holidays are going to be the way forward for the next few years. I’m sure many of us (myself included!) enjoyed a fantastic UK holiday this year, and it’s made us all realise how many places there are for us to explore in the future. It’s a cheaper option, and for many that will be a big consideration next year. It’s also far more flexible with bookings and pets – abs is far more environmentally friendly!

As an investor, your self contained unit is going to be far more attractive than a hotel or B&B in these covid times. Lenders are becoming more open to these options too. We have a lender who will now allow you to purchase on a bridge to carry out some works and then move to a term mortgage in 9 months so you don’t need to worry about initial rental voids. This gives you some time to get it all ready to hopefully open once the weather improves and restrictions are over (big fingers crossed on that one!).  Also, there is a market for working away from home – which gives potential for the times of the year not traditionally busy.

We are again seeing lenders more open to holiday let’s, using both the market rent as a 12 month tenancy or the passing holiday let income if we have a proven track record.

Cities vs Suburbs

Priorities are changing for tenants. It’s no longer so important to have access to cities and towns and tenants are now favouring larger spaces both inside and out. Outdoor space has become far more desirable, and a home office or space to work is now a massive selling point. Other, more rural locations are becoming more attractive, which may open up new opportunities as investors – perhaps your local area, or something which is affordable that wouldn’t have worked previously for an investment property.

With change comes opportunity, and as a resilient group of investors I really feel that over the next few years we will see so much of both.

As always, call if you have any questions. Look after yourselves, only two more weekends to go – fingers crossed!

Thinking outside the box: Options for your HMO

Happy Friday all, welcome back to lockdown! This time things do feel different; the housing minister has been clear that it is ‘business as usual’ and we will be doing all we can to keep it that way.  We have been working from home since March so nothing changes for us! 

This week I want to talk to you about some options for your HMOs. There has been talk in the industry that the boom of HMOs is over, of which I disagree! In the HMO market we are seeing the need for diversification, though.

During these times we are seeing that tenants are becoming less likely to want to share facilities if they can afford the a choice. HMOs for professionals are perhaps less popular as people are working from home more, aren’t travelling for work and don’t need to be in a specific place. So what else could you use your HMO for? 

Longer leases for the whole property 

This is an area that has traditionally been tricky to obtain lending, but as banks crave certainty as much as landlords in such an uncertain market, things are changing. It has been a contentious issue for some time, but we are now seeing a change in lender appetite, allowing longer leases as well as vulnerable tenants in the property.

There are certain caveats to the lease, but we are able to have the draft lease checked by the lender’s legel team prior to submitting the application.  This allows you to have a level of certainty from the beginning. 

The product is available on a standard HMO interest rate, so you aren’t paying a premium, and you don’t need any specific experience as long as you have had an HMO for more than 12 months.  This really has opened up a new option! We have completed cases using this scenario and it is a straightforward process.  I would suggest engaging with your provider early on.  You need to understand what they need from a property in terms of facilities and location to ensure that you don’t spend money before you know it’s a viable option.

The student sector

Six months ago as we entered the first lockdown we were worried about what was going to happen to student let’s and some lenders even stopped allowing them entirely. What we have seen since September, however, is very different.

We are seeing students who are craving some sort of normality moving into their new homes as planned. We are also seeing students preferring a shared home rather than student accommodation, and wanting to commit for two years rather than one to create some stability.  

Lenders are back in the market after this shift, and so it may be worth thinking about this as an option for next year if your location allows.  As always, diversification is key, and we are seeing this through a variety of methods; different types of property, alternative locations and thinking outside the box for lease or tenant options. 

As always, we’re here to let you know how this could work for you so give us a call to discuss it further.

Stay safe, and try and enjoy your first lockdown weekend! 

How to take advantage of lender delays

Well it’s Friday again and things seem to be closing in a bit… let’s hope the valuers keep working.

I thought, as this industry is definitely one of the winners during this pandemic, I would discuss managing timescales and how we can take advantage of them.  Currently the property market is incredibly busy.  That is great, when so many businesses are really struggling… BUT we have to keep abreast of timescales when we are starting our projects.

We are seeing a lot of investors overlapping projects. Not knowing the delays, particularly if you need the funds from a refinance, will cause cashflow and stress problems.

These are the main areas to concentrate on as an investor

  • The timely return of documents.  Lenders have service level timescales, which really can range from 24 hours (bridging) to 15+ days (term).  Our job is to get as full a pack as possible up to the lender, so we don’t keep going into a queue.
  • Use the time we will have to wait for a valuation report to be returned to your advantage.  This can be dead time, so making sure we have a full set of documents required can save many days, as we can get that in ready for them to meet the report – therefore requiring the underwriter to look just the once.
  • Do your groundwork, so you minimise the surprises.  Make sure that your lawyers have seen Land registry documents, so there are no curve balls later on.
  • Source of deposit.  Lenders need the audit trail – so keep those documents in one place for ease.
  • Buildings insurance – put that on risk, ready for the reinstatment value confirmation from the valuer, again that eases the last minute stresses.
  • Valuations – we have covered this a couple of weeks ago, but as we move towards another lockdown, keep abreast of how your tenants are, so you are aware of any quarantine issues and giving them plenty of notice and contact details so they can let you know if there is a problem.
  • Be realistic of the value if it is a refinance.  If it is needed for another project, make sure  you are working towards the most conservative value – you don’t want drop on the value scupper your plans.

As always we are here to talk you through any questions you have. The advantage of using a broker like us is that we stay one step ahead as much as possible!

Diversifying your portfolio: Serviced accommodation

Hello everyone, in what seems a very wet week for most.

I am, however, writing this from an apartment in Belaggio, Lake Como.  I have realised that you really can work anywhere and at a time when we have been so isolated, a new set of walls is as good a break as any at the moment.

The changes due to COVID have made us realise just how easy it is to have a working break.

Holiday lets are now back on the product lists for a lot of lenders – rightly so, as they are really in demand.  Staycations are seeing quite a surge in bookings, even going beyond the usual end dates of school holidays.  It makes sense as we currently have 155 countries on the quarantine list, so holidaying abroad is not always an option.  This is not going to change any time soon with a combination of a significant increase in price for foreign holidays for next year, cautious holiday makers and a new love from many of UK holiday destinations.  Many people (Ellie included!) have had a lovely holiday in the UK this year and are far more likely to do the same next year.

What we can offer

Lenders are far more keen on holiday lets rather than serviced accommodation; the difference being that a holiday let is somewhere you would stay for a long weekend or a week, rather than something that would be used for a single night’s stay.  City centre apartments are more tricky to place so think about your location and the types of tenant you will attract.

Ideally the mortgage would fit based on the 12 month AST figure.  This does give us more flexibility with lending, and in these uncertain times does give the lender, and you as the borrower,  more options.  If it doesn’t fit on the single AST figure, then we would need to see to see a track record of this or another similar property.

In terms of experience, we do require you to have another buy to let in the background, or if it’s a refinance then you need to have owned it for 12 months.

You can use any platform to advertise your property, Air BnB did have a bit of a bad reputation but this seems to be over now, it is far more important to look at the type of client you will attract.

As always, please give us a call if you want to chat through any enquiries you have.  Have a good weekend and enjoy the sunshine!

The benefits of a broker who wants to build a relationship with their clients

Good morning all, I hope you’ve had a good week.  This week I’m going to talk about the benefits of a broker who wants to build a relationship with their clients.  We differentiate ourselves by doing things a bit differently to most mortgage brokers, and this is how.

We are not a headline broker!

I have always said to our clients that we never try and lull them in with amazing but unachievable rates.  We want you to come back again and again, so doing the right thing is key.  When we quote a client on day one, we will do all we can to ensure that we deliver on that quote.  Things can change, and obviously the valuation can change things but in the majority of cases this is what we complete on.

The rate is also not the most important factor in choosing a lender and a broker.  We are conscious of the route of least resistance, that trying to fit a square peg in a round hole is extremely time consuming and probably won’t end well!  We have worked with our lenders for long enough to know that sometimes even when they say they offer something it generally doesn’t happen.  For example; we have a lender who says they lend to ex-pats, but in reality they make it so tricky its just not worth it.

We don’t like to over commit and under deliver.  We run our business on returning clients and recommendations and want you to love the service we provide.  We will spend time talking through deals and we have plenty of experience handling unusual cases; so whatever curve balls are thrown our way we can usually deal with them!  You will benefit from the relationships we have with our lenders, and their trust in us.  Recently we have managed to complete on a few cases without the exact information the lender required, challenged where we can to achieve something that others just wouldn’t be able to – or take the time to do.

We are transparent with you – if anything changes, we will let you know straight away

This is really important at the moment, as lenders are changing criteria like the wind.  There has been a number of examples recently where we have changed lenders after we have submitted a case as things have changed.  We want you to have all the options available to you, and we don’t want you to be disadvantaged due to COVID, or anything else which is outside of your control.  This gain can be time consuming but we will always put in that time to ensure you have the outcome you need.

We will not step off the accelerator until solicitors have completed

There are some brokers out there that will get to formal offer and stop chasing.  They just don’t have the time or resources to be able to keep speaking to solicitors; trust us, it can be very time consuming. But Baya will chase to the end and we know that this can be the most frustrating part of the transaction, so we are there ready to fight on your behalf!  We know that time is money, and delays on your purchase or refinance can have cost consequences.

Baya financial is a safe pair of hands.

Enjoy your weekend.