Poor Credit Mortgage?

nicolac32

Hi,

I am trying to find a mortgage lender for a buy to let mortgage.

I have a 45% deposit

My credit score is 655 which falls into the 'poor' category, this is due to a ccj from 2007 and 2 defaults also from 2007.

I have been turned down by Precise Mortgages, does anyone have any idea of anywhere I could try?

Dave_Ham

I assume you already own your own home and this is as an investment?

You are almost certainly going to require a decent broker, but given your deposit and a minimum income this should be achievable..

nicolac32

Yes I already own my own home.

My income is £37,000 per annum. The property value is £140,000 and the mortgage is for £77,000.

Any ideas on a decent broker?

Dave_Ham

Ticks all the appropriate boxes, I cannot understand the Precise selection to a degree however they are not keen on buy to let with historic adverse.

Assume this is the reason they gave?

Best way to source a broker is always, always a recommendation..

Given the values, you are likely to have to pay the broker a fee also...

nicolac32

Ok thanks, I have gone through a broker but hes told me that now presise have turned me down there is basically no where else to go?

GMS

How much was the CCJ and the defaults? Have they been satisfied? What were they for?

What was the anticipated rental income per month? Standard property as in brock walls and slate/tiled roof? House or flat?

Any missed payments on your current mortgage?

Where did the deposit come from?

Conrad

nicolac32 wrote: »

Hi,


I have been turned down by Precise Mortgages, does anyone have any idea of anywhere I could try?

Clearly Precise would decline such a case as any experienced broker knows. This is one for a small specialist lender but rates and fees will be high.