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First And Last

I took out my first mortgage in 1983 when I was 18. The house I wanted to buy cost 12,500 and I had saved a 50% deposit. But Halifax refused my application as I hadn’t saved with the society.

I was advised by my estate agent to see its inhouse mortgage broker who found me a Cheltenham & Gloucester mortgage. This was my introduction to the benefits of brokers and had a huge effect on the rest of my career.

My last mortgage was taken out in March 2005 when I bought a home in Spain. I got a 70% loan through Spanish bank, Bankinter. It took less than seven days to complete from first contact.

The bank valued the property at 100,000 more than the purchase price and lent on this. In England they always lend on the lower of the valuation or purchase price so this was refreshing.

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Comment

Dear Delia My client is a buy-to-let investor who would like to buy property at short notice. He needs 2m to buy eight flats in a 12-flat block that are being sold as a job lot. He wants to raise the capital swiftly. He has a number of buy-to-let mortgages with a range of lenders but has never been able to get a mortgage through in less than three weeks. Which lenders provide finance more quickly?

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