Hi there all,
This is my first post on what I can see is an amazingly informative website. I'm looking for some thoughts and suggestions please.
My wife and I have just bought our first IP out in Mount Druitt.
We used a mortgage broker (MB) to find us the best deal.
We met face to face with the broker and right from the beginning explained what product we were looking for; interest only loan for an investment property, variable with an option to fix part of it.
The MB came back with their credit proposal application form with the suggested lenders. It ticked all the boxes we were requiring. We agreed on the lender and when told the MB to go ahead with that product. When we were finally approved for the loan, we found a great deal and had to move fast on it. Contacted the MB and the contract was signed in a rush.
Now this is where our inexperience comes in.
We are now the proud owners of an IP but unfortunately also the owners of a mortgage we did not want. I noticed yesterday that despite requesting and then agreeing to an invest only mortgage, the MB allowed us to sign a contract for IO and principle.
I understand it is our responsibility to check contract before signing, but is there not a responsibility on the MB as well?
Can I have your thoughts and suggestions on the subject please.
Many thanks.
This is my first post on what I can see is an amazingly informative website. I'm looking for some thoughts and suggestions please.
My wife and I have just bought our first IP out in Mount Druitt.
We used a mortgage broker (MB) to find us the best deal.
We met face to face with the broker and right from the beginning explained what product we were looking for; interest only loan for an investment property, variable with an option to fix part of it.
The MB came back with their credit proposal application form with the suggested lenders. It ticked all the boxes we were requiring. We agreed on the lender and when told the MB to go ahead with that product. When we were finally approved for the loan, we found a great deal and had to move fast on it. Contacted the MB and the contract was signed in a rush.
Now this is where our inexperience comes in.
We are now the proud owners of an IP but unfortunately also the owners of a mortgage we did not want. I noticed yesterday that despite requesting and then agreeing to an invest only mortgage, the MB allowed us to sign a contract for IO and principle.
I understand it is our responsibility to check contract before signing, but is there not a responsibility on the MB as well?
Can I have your thoughts and suggestions on the subject please.
Many thanks.