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Specialist BMV Broker Service
With more and more investors moving into property, it stands to reason that purchasing below market value (BMV) is a booming market. As a BMV investor you need to be confident that the professionals you appoint to work with you have specialist knowledge in this field.
Good advice when looking for a mortgage is to use an “independent mortgage broker” who offers “advice and recommendation” and is regulated by the Financial Services Authority. They should have access to the whole market, as opposed to working from a panel of lenders. They will also be responsible for the advice you are given. This means they should be prepared to advise you on the most appropriate mortgage for your needs, rather than giving you a shortlist and letting you make the decision. However, with BMV purchases you are faced with two anomalies that buck this trend:
- Buy to Let mortgages are not currently regulated by the Financial Services Authority.
- There are only a handful of lenders that will provide you with an immediate remortgage against the open market value of the property rather than a percentage of the purchase price paid.
The important things to look for when purchasing BMV properties is to find a broker that;
- Knows the BMV market and works closely with its lenders to ensure a speedy offer service.
- Has access to immediate remortgage providers as well as access to bridging finance providers
- Can advise on solicitors who know how the system works.
- Provides a quick response to both your enquiries and the lender’s enquiries.
It is important to select a mortgage broker that can actually provide what “it says on the tin”. If you are choosing a broker for your Below Market Value purchase, ask for references from clients he has dealt with. We have extensive experience in arranging finance for BMV purchases and we are happy to provide references.
As landlords ourselves we know the importance of ticking all the above boxes and we are able to provide you with a complete turnkey operation; from the initial bridging finance and immediate remortgages, through to solicitors and property accountants who specialise in BMV transactions. If you are in Dorset/Hampshire we can also provide property management services.
If you would like to speak with a broker specialising in arranging finance for BMV property investors, call our team on 0845 257 2492.
