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Bad Credit Buy to Let Mortgages

The Buy To Let mortgage market in 2018/2019 has now become a very specialist market with the recent changes made by HMRC in how BTL properties are viewed. We would always recommend that any client should seek the advice of an accountant or qualified person in taxation before making a decision on how you make that purchase.

On a very positive note we now have far more lenders who will accept a degree of historical bad or adverse credit in this very competitive market. We would recommend that you obtain a copy of your credit file in order that we may view your credit profile which will allow us to place your mortgage on the most competitive terms. Not all lenders make their decision based on your credit score, as some of the specialist lenders use a more common-sense manual underwrite. With this in mind, we would still expect in most cases to achieve 75% LTV subject to credit profile and passing the rental stress test.

With the change in the rules brought in by HMRC most clients are advised to consider purchasing via a Limited Company (SPV) but this will not have any impact on the terms or how lenders view your credit profile.

If you are an experienced Landlord we will need to see full details of your portfolio, as some lenders stress the rental income on the whole portfolio, and fortunately some others will only stress the rental income on the property in question. The more information that you provide up front would mean that your mortgage illustration is based on fact, with no assumptions and will be accurate.

We are very experienced in placing unusual and difficult cases, and will do all we can to help you as quickly as possible to get the right and positive response.

Call us now for more information on

Land line 03452 605506   Mobile 07867 794837

Email michael.alexander@btconnect.com

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Mansion Park Limited is a credit broker not a lender.

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