Re-mortgage for Buy to let with bad credit

phlairey

We still own our previous home as we were unable to sell it as it was in negative equity at the time.
We had a really difficult year, for various reasons, and were in arrears for several months. We are now back on track but are our fixed rate comes to an end in November and I am very nervous about what will happen.
We are with Bank of Scotland and the house is still, very slightly, in negative equity but going up in value.
Will we be able to fix again?

Thanks

brit1234

Don't you have to have 25% equity for buy to let? Have you told your lender you are renting the property out?

phlairey

When we first moved out we got a buy to let mortgage and the fixed rate is coming to an end. The value of the property dropped during that time.


Thanks

Thrugelmir

The concern for any new lender is that you could soon end up in arrears again. So you're at the mercy of BOS.

Somehow you need to tackle the negative equity and look to sell the property.

With interest rates firmly on the way to increasing. Then you are heading into a potential financial headwind.