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Bad Credit Buy to Let Mortgages
Buy to Let mortgages have been the driving force behind the property market and its remarkable growth in what is still apart from London, a very difficult and fragile market.
Many landlords are taking advantage of the buyers opportunity to purchase property at way below market value,( BMV ) as many clients struggle to arrange a mortgage, in the current climate with the mainstream lenders obsessed with credit scoring as the blunt instrument to make the decision to lend or not.
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More About Bad Credit Buy to Let
This situation has however created a wonderful opportunity for investors to take advantage of the market and build up their property portfolio where we have a massive demand for rented property from our increasing population.
The other unexpected buyers market has been created by investors who are upset at the returns that they receive on their savings accounts and view the Stock Market Â as being a little too volatile with a risk profile that they do not feel comfortable with. Potential higher growth investments are generally associated with higher risk profile and advisors have to be very careful to match risk with reward.
With this in mind clients see a bricks and mortar investment as a sound long term investment with excellent growth potential, particularly as they are buying into a flat market with the potential to purchase at BMV. They will also enjoy the income generated by the rental income. With Buy To Let Mortgages now available at 85% LTV investors have an excellent opportunity to expand their portfolio with as little as a 15% deposit.
The other very good news for investors who may have attracted some adverse credit in the recession is that some of our more flexible lenders will accept some Bad Credit. They may want a slightly larger deposit and there will be an impact on the terms and conditions, but the good news is that having bad credit does not rule you out of having a Buy To Let Mortgage.
What we are also seeing in this market is a great deal of help being offered by parents and the family to their children to try and keep property within the family group with gifted deposits in cash and equity within the property. A number of lenders have seen the growth in this area and we now have a number of lenders who will accept 100% gifted deposits.The message is very clear to investors, we now have some excellent mortgage products at very competitive interest rates and up to 85% LTV. We can consider HMO’s student let, and multiple occupancy. It is a fantastic buyers market that unlikely to be repeated in the next 20 years, get on board whilst you can.
The Financial Conduct Authority does not regulate some forms of buy to lets, commercial loans or will writing, secured loans or bridging finance.