Buy to let remortgage bad credit

Elwood_Blues

Hello all I need advice,
I have a buy to let property that I have owned for 13 years, I have a £200,000 mortgage and the property is now valued at £450,000.
I also have a £380,000 mortgage on my home that is valued at £1.5 million.
My business hasn't done very well for the last couple of years and I missed a few payments on my home mortgage so my credit isn't great. Experian rate me fair with 13 positive and 1 negative and another agencies rates me as stable with 10 positive and one negative, though I have to admit to not understanding what any of that means.
I would like to remortgage my buy to let to raise 100k I need the money to pay some debts and to do some home improvements to my buy to let property and to be perfectly honest to save my poor wife's sanity she is worried sick about the debt were in and I'm worried for her!
I know nothing of the financial world so I approached a broker a couple of days ago and have since been doing some research on the internet which to be honest hasn't left me feeling very positive, my question is, do I have any chance?
I would sell the buy to let but the tenant still has 2 years remaining of a 5 year lease.

horseymchorseface

selling is very much an option that doesn't require a credit check unlike a remortgage requesting more money especially.


If you want the tenant out, you can issue a section 21 I believe but you must ensure the house is in legal order i.e Gas check e.t.c


Or you can market it to BTL buyers