Hi folks,
I've built my portfolio (so far, anyway - still a ways to go!) With mainly one lender who has run me numerous loans over the years. They have served me well, and I knew he day would come where I'd hit a lending ceiling with them. That day was today, when they pretty much said 'we will approve this one, but it'll be your last for the foreseeable future).
My question for forumites is this: when you hit the ceiling and move on to another lender (regardless of whether this is direct to a lender, a lender selected/suggested via a broker), will lender #2, being given full disclosure of your existing loans with lender #1 (guessing I have to be transparent with this, for lender #2, right?) still lend to you? If so, will they ramp up their fees and rates because they might deem you as high risk?
I know they'd be hungry for the business but they must also comply with prudential policies right?
Suggestions on how to approve lender #2 would be kpst welcome!
I've built my portfolio (so far, anyway - still a ways to go!) With mainly one lender who has run me numerous loans over the years. They have served me well, and I knew he day would come where I'd hit a lending ceiling with them. That day was today, when they pretty much said 'we will approve this one, but it'll be your last for the foreseeable future).
My question for forumites is this: when you hit the ceiling and move on to another lender (regardless of whether this is direct to a lender, a lender selected/suggested via a broker), will lender #2, being given full disclosure of your existing loans with lender #1 (guessing I have to be transparent with this, for lender #2, right?) still lend to you? If so, will they ramp up their fees and rates because they might deem you as high risk?
I know they'd be hungry for the business but they must also comply with prudential policies right?
Suggestions on how to approve lender #2 would be kpst welcome!