Mortgage broker recommendations for BTL (1st time buyer, low credit score due to lit

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propertydog
propertydog Posts: 13 Forumite
edited 30 March 2016 at 10:32PM in Mortgages & endowments
Thank you everyone for the advice. Very helpful indeed!

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  • Typhoon2000
    Typhoon2000 Posts: 1,122 Forumite
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    edited 30 April 2014 at 7:42PM
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    If you are buy the place to live in, you will not be able to take out a BTL as it's not a regulated mortgage and will be against the terms of the mortgage. Anyway just about all BTL lenders require you to be a home owner first.
    I can image your lack of a credit card will make much difference to any residential mortgage application.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Given your circumstances and the high income to debt ratio. Lenders may well perceive that this is a way for your to enter the property market for yourself. With no ultimate aim of letting the property.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
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    There are a couple of other lenders out there potentially, although getting past the plausibility checks is going to be an issue.


    For example, why would you commercially (not emotionally) buy at £275k and pay an extra 2% stamp duty vs £250k


    Whether you are married, linked, children etc. will all be taken into consideration and this will be very tight.


    An experienced broker should still be able to navigate a solution.


    Good luck
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • GMS
    GMS Posts: 5,388 Forumite
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    What will be the rental income per month?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • propertydog
    propertydog Posts: 13 Forumite
    edited 30 March 2016 at 10:32PM
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    Thanks everyone for the responses.

    I will go and have a look at brokers.
  • propertydog
    propertydog Posts: 13 Forumite
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    Would a good broker be able to hire an underwriter to look into the credit history and then be able to discuss this with a mortgage company who offer to first-time buyers? Is that possible?

    Thanks again for all your help, folks.
  • amnblog
    amnblog Posts: 12,445 Forumite
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    propertydog wrote: »
    two banks that offer BTL to first-time buyers - Natwest and Virgin Money. I don't think there are any others out there for my income vs property price.

    Where did you get this information form?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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