Buy to let

Superherogirl

I would like to buy a BUYTOLET property and have a property. I have the 20 per cent deposit.

However, I own my own company and have additional income but not books yet for 1 year. I am paid a salary from the company.

I have a poor credit rating on Experian as I have a default on a vodaphone contract that wasnt mine. I have tried everything to have it removed, I even wrote to the Managing Director of Vodaphone and they say that the file has been destroyed (of the original contract) and that they wont remove the debt from my name..I wasnt even living at the house they claim I took the contract out in as I was still married and living in my martial home. Its so frustrating. I am not sure whay I can do. Also they said that the contract was taken out over the phone. I didnt take it out and to add insult I have just taken out a Vodaphone contract for my son..

Anyway, I have a current mortgage and have never had arrears. I currently rent and have no arrears or missed payments. My other loans and credit other than this Vodaphone have no missed payments.

Any advice on a good lender that will take these circumstances in to account.

Thanks:A

Thrugelmir

Not many lenders offer 80% LTV currently on BTL. Those that do may charge an expensive arrangement fee.

Suggest you approach a local mortgage broker to see what's available.

Alternatively clear your other credit and loans first. Will make a better return than property and improve your credit rating.

Superherogirl

Good advice. I am transferring my credit card debt to a zero percent transfer. That way my income can clear it. Thanks

holly_hobby

If the debt is not yours - and voda refuse to remove, the only way would be to have the CRAs mark this as disputed, and take this to court to have it removed, an unlawful default can not remain, if you can prove its incorrect.

I have recently been involved in a thread with a vodaphone default, which I helped the OP by referral get it removed, have a look through my posts to find it - the on line Vodaphone rep is Lee who if he can help, will do.

Re BTL the are a select no of providers who offer 80% (to those who hold a residential mortgage) - one lender does not require proof of income, others have a minimum of 25k income. But adverse will put you out of play - so you need to get this part of your life sorted asap.

One thing that confused me is that you say you have a mortgage with no arrears, but you also say your rent with no arrears .. do you have a mortgage or do you rent ? (if you redeemed your mortgage more than 12 mths ago, this may further impact how much deposit you will need for alternative lenders)
Hope this helps

Holly

Superherogirl

Apologises. I currently have a residential mortgage but I have let that property with consent from the mortgage company and I reduced my outgoings by renting. I will read the thread on the Vodaphone situation and I will check out this Vodaphone rep Lee as it has caused me so many issues. Could you let me know of the BTL that doesnt require income proof as I do have a residential mortgage.

Thanks Holly Hobby.