Acquiring btl mortgage (possible?).

Amy11

Hi, can anyone advise how difficult it would be for a 70 year old Man to acquire a mortgage for btl bearing in mind he had a ccj in 2007 for £500 which was satisfied.

Already has a residential mortgage and 1 btl mortgage.

Income is in region of 40,000.

Dave_Ham

It will be quite hard, but achievable..

Would suggest getting a broker though as some lenders only deal with brokers for buy to lets..

All the best

DVardysShadow

When you say the CCJ was satisfied, if you mean that the CCJ was paid within the allowed month or 28 days or whatever it is, it should have absolutely no effect on his credit rating and should not even appear on his record.

Amy11

Thanks for replies

Dave- I have tried London and country and they were unable to find a lender, is there anyone else I should try? I've been told that only tmw and Birmingham mid shires would take on this type of borrower and they have refused when asked verbally.

Dvardysshadow- ccj was satisfied later than the 28 days so is on record. However not on experian just shows up on equifax!

Dave_Ham

Suggest you find a decent broker, as TMW and BM are too main stream.

You may find that he pays slightly higher than average but not too much...

I also naturally assumed that he had a decent size deposit, although if not this will preclude some lenders....

Subject to at least 25% deposit, there will be a solution here..

Thrugelmir

Amy11 wrote: »

Dvardysshadow- ccj was satisfied later than the 28 days so is on record. However not on experian just shows up on equifax!

Will show on whatever credit agency the finance house registers data with.

There is a public register as well of all CCJ's, fines etc. So will be picked up during the application process.

vectistim

How many years is this to be over? IIRC Paragon/Mortgage Trust have a max age of 80 and TMW 90

DVardysShadow

Thrugelmir wrote: »

Will show on whatever credit agency the finance house registers data with.

There is a public register as well of all CCJ's, fines etc. So will be picked up during the application process.

A CCJ which was settled within the 28 days or month or whatever it is should not appear on a credit record and should not form any part of a credit assessment. There are many reasons for debts being taken to court - not all to do with delinquent credit.

Amy11

Vect- it will be over 10 years or so if that's possible.

It's a relief to know there are others we can try as opposed to just tmw or bm.

I'm going to pop into a high street brokers tomorrow to have a chat.