Bridging Loan - Blemain Finance / Lancashire Mortgage Corporation

[Black Panther]

A couple of months ago I went to a Property Landlord Show in Borehamwood, Hertfordshire. I met different exhibitors giving useful information about their various services. In hindsight it's just a tactic to get your name, telephone and email address. Then the follow up call - fortunately for the broker I had just bought two houses at auction and needed a buy-to-let mortgage. The broker explained because I needed to complete within one month, I would have to get a bridging loan until mortgage would be ready a month after that, so a total of two months and I will have my mortgage. When I received my solicitors papers I phoned the broker and questioned why it says twelve months if he had the 'exit mortgage' ready by the same lender LMC. His lengthy conversation was basically 'that's how it works' - I went and googled the bridging company and arrived here. Won't be signing any papers and have to let a house go and lose deposit. Thank you for the warning.

[Amethyst]

Re: Bridging Loan - Blemain Finance / Lancashire Mortgage Corporation

I'm not sure if that is a well done or not, but you were absolutely right to look up about the firms the broker was recommending to you and checking any reviews and make an informed decision, as opposed to relying on the guff from a salesman( broker).

You should try and organise a mortgage in advance of buying at auction so you only have the conveyance/valuation & paperwork to go through once you have made the purchase.

[SophieM1988]

Hi
do you have the brokers names plesse? My mum was ripped off by LMC and we are trying to locate the broker she used ASAP

Y THANKS