Mortgage broker recommendations for BTL (1st time buyer, low credit score due to lit
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propertydog
Posts: 13 Forumite
Thank you everyone for the advice. Very helpful indeed!
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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.0 -
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.0
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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 luckI 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.0 -
What will be the rental income per month?I am a Mortgage AdviserYou 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.0
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Thanks everyone for the responses.
I will go and have a look at brokers.0 -
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.0 -
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.0
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