Buy to let mortgage

Tammera4

I am trying to get a buy to let mortgage and it is a little tricky.

I have an excellent unblemished credit score/check
My current mortgage is half of the house value
I have 25% deposit for the new mortgage
I have no debt/credit other than my current mortgage


The problem I am encountering is the affordability check. I am not very good at sticking to jobs, and I have a history of being employed and self employed which is fine, but the past years self assessment was predominantly employed work and I am no longer in employed work. The self employed income is not enough as stand alone affordability, and my casual and temping work is not contracted so doesn't count towards affordability.


The mortgage I am going for will be less than half of rental value, in fact, the rental value would cover both mortgages with change. I have enough savings to cover a years mortgage payments on both properties, that I have even offered to put in some sort of standby account just incase.


I am currently looking into "bad credit" mortgages because surely if people with bad credit have a chance, I should at least have a fighting chance.


I am just wondering what other avenues I should go down? A certain kind of broker or an alternative lender (not bad lenders).


Thanks
Tam

Thrugelmir

Tammera4 wrote: »

I have enough savings to cover a years mortgage payments on both properties, that I have even offered to put in some sort of standby account just incase.

Reduce your existing mortgage debt / amount you wish to borrow on the BTL. Lenders cannot factor in savings as have no control over what you do with the money .

I am currently looking into "bad credit" mortgages because surely if people with bad credit have a chance, I should at least have a fighting chance.

Basic criteria for BTL mortgages is more demanding than a residential mortgage. Due to the risks involved for the borrower.

If you don't meet the income/work history criteria then you may well struggle.