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Buy to Let Help
mortgage_help_3
Posts: 109 Forumite
I have just inherited a property from my late father which needs some work doing to it.
What I would like to do is get a buy to let mortgage on property and do it up to rent.
My big problem is I currently have a large amount of debt (which I would pay off with mortgage) which has resulted in me having a bad credit rating.
Is there any mortgage company that would help me?
What I would like to do is get a buy to let mortgage on property and do it up to rent.
My big problem is I currently have a large amount of debt (which I would pay off with mortgage) which has resulted in me having a bad credit rating.
Is there any mortgage company that would help me?
0
Comments
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What credit problems do you have?
What is the property value?
How much of a mortgage do you want?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I have about £40000 (have been very stupid in past!!!!). I do not have any defaults or CCJ's.
The property is worth £100000 - in current state but with a bit of work will be worth £140000,
I would like a mortgage of £75000, this will enable me to do property up and pay off debts0 -
So if you have no defaults or CCJ'S, what do you mean by the "bad credit rating"?0
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I've looked on experian & it said due to amount of debt my credit score is low0
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As long as the rental income covers the mortgage payment, then your income/debts will not be relevant for a BTL
Maximum LTV will be 75% - but whether or not you can get the maximum 75% mortgage will depend on the rental income you can expect to get
Different lenders have different ways of getting the rental calculation they requireI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I've looked at rental income & I would expect to get a minimum of £550 per month.0
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Just another question - where would be best place to go for mortgage - our mortgage provider on out own property or mortgage advisor?0
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A mortgage adviser
Your current lender may or may not offer BTLs - and if they do, they will offer offer their own products which may not be the best for you.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
As long as the rental income covers the mortgage payment, then your income/debts will not be relevant for a BTL
Maximum LTV will be 75% - but whether or not you can get the maximum 75% mortgage will depend on the rental income you can expect to get
Different lenders have different ways of getting the rental calculation they require
Pre-recession income may not have been relevant, however now income has become more relevant for example C&G you must have a minimum income before tax (excluding rental income) of 35k, BM Solutions a minimum income of £25,000 per annum is required.
Some lenders will not lend to first time landlords, with this maze an advisor would help.0 -
Will they add mine & my partner's earnings together?0
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