Buy-to-Let with poor credit?

DerterminedDiva_<3

Hi,
Im always reading these forums but never really plucked up the courage post but Im wondering if anyone can offer me any advice. I currently own a house with around 50k left on the mortgage and i pay around 550 per month. I cant afford this after a relationship breakdown and am now looking to move away from the property. I dont really want to step off the property ladder at the moment and was wondering if anyone had any advice about buy to lets. I was thinking of getting a buy-to-le for £65k so i could pay my parents off money they have lent me to get out of the mess I was left in by my ex and then spread the mortgage over say 30 years (im 30yrs old). This would bring my payments down to one I could afford and would mean i could keep the house. I was then hoping to rent it through an agency on a guarenteed rental income scheme even if it means paying a bit more so that i dont need to worry about it again and it will slowly be paying itself off? would this be a good idea?
Also I should say I have had a couple of CCJ's on my account again from the previous relationship (but in my name!) however these are from between 4 and 6 years ago and my recent credit history is good as Ive spent the past 3 years trying to rebuld it! Although still quite low on experian on apoints scale? What are the chances of me actually being accepted for a BTL mortgage?
HELP please :eek:
DD

Dave_Ham

Sorry DD - no hope I am afraid..

Buy to let are stricter than residential and then some and CCJ's will be a no-no I am afraid..

Back to the drawing board..

Incidentally, how much is the place worth?

DerterminedDiva_<3

Just about to get it valued but I think around £85k
I thought that might be the case
And Im guessing the rules will be strict on having a normal mortgage and renting it out?
DD<3

Dave_Ham

It depends upon the current lender - this will be easier than getting a buy to let although you will be unlikely to achieve to raise some funds also.

It is called "consent to let" some lenders will allow this on the same current terms, although some will want to increase your rate. It willstill be cheaper than a buy to let on your sort of value but unlikely to release cash..

Hope this is a bit better news, who is your current lender?

DerterminedDiva_<3

My current lender is northern rock. I would have to extend the period also as the current monthly payment is just too high for me to cope with on my own and even if i did get approved to let - the property would only bring around £440 in per month max. If I dont deal with it all now I just know Im going to end up in a mess. I really need to pay my parents off too quite fast as my mum has just retired and my dad isnt far behind her and they will need the cash back so unless I could get the additional its not really an option and I am probably going to have to sell. Im thinking getting a secured load on £13k would be just as unlikely with my credit history
Thanks very much for the advice, at least it means I can stop having that as an option and see what other ideas I can come up with!

Dave_Ham

You are still young, sell put it down to experience pay your Ma and Pa back and start again.

The place probably holds bad memories and someone on here who is more emotive than me would probably say it is a good step in moving on...

I wish you well, do not let the Estate Agents give you any $%£% and do not let them tell you it is worth less than it is...

I do not think Northern Rock are super flexible but speak with them first and see what options you have...

Thrugelmir

Take a lodger in to help with the bills?

DerterminedDiva_<3

Thank you lots Dave, and to sell and move on is the advice of friends and family too - valuable lessons learned still Id be silly not to look at the options available tho hey... I know my stress levels will be at rock bottom if I sell as I may be left with nothing but that nothing includes all the debt that I will by then have successfully paid off and I really will be 100% debt free
Hi Thrugelmir Ive considered the lodger option and it still leaves me quite short - and combining that with trying to pay off my parents at a decent rate would be unaffordable for me and I know id end up behind on my bills again which Ive only just managed to get straight with - thanks though
DD<3