Buy to Let Mortgage with poor credit

Thrugelmir

smerch1468 wrote: »

LTV is 70%.

Is that a broker deal? As advertised rates are all 60% LTV.

smerch1468

Apologies for the delay replying. Yes it does seem like a broker deal , I couldn't source this anywhere else. He has sent me a formal quotation.

I was referred to this adviser (who is and IFA) by moneyfacts. He is on the openwork network so perhaps the deal is through them.

He comes across as knowledgeable and professional. I will also look at doing some protection business with him.

Perhaps I am not considered as near prime any more as there are no late payments on my file for over 2 years now. I intend to keep disciplined from now on so my file is spotless in a few years time.

If I am approved, its pretty impressive he has sourced a rate lower than my existing residential mortgage for a BTL!

Thrugelmir

smerch1468 wrote: »

If I am approved, its pretty impressive he has sourced a rate lower than my existing residential mortgage for a BTL!

And the rate in 2 years?

What are the product fees?

smerch1468

The rate in two years will be less than 5% from memory. In any case by then I will have a strong credit file and higher earnings, so should be in a position to remortgage to a residential.

As far as I can see this is a market leading product. There aren't many BTL rates below 4%.

Product fees just under 1k, very good for BTL and all legal fees covered.