Credit rating low but multiple houses

James192

Hello,
Around five years ago I defaulted on a credit card, I had moved house and completed forgot about it. Hence my rating is quite low as I have always cash bought houses and not borrows much. 

Anyhow, I have recently Inherited funds for a second holiday let in the lakes. I intend to do the same as the last and rent to holiday makers and contractors. 

I currently have the following all mortgage free: house in the lakes (£325k), my holiday flat in the lakes (£145k) and two commercial let’s in Manchester (£410k), one being a physio and the other a restaurant. The combined income is around £35K before tax. I had only recently Finished the lakes flat (during lockdown) so there has not been many bookings yet but they are starting to come in now.
I have around £120k in the bank and was wondering the best way to approach a lender as a house I’m looking to buy is on at £170k to turn into a short term let also.

Any ideas?

[Deleted User]

Your credit ratings' not a factor in borrowing. Is the default your only adverse credit?

Grumpy_chap

Normally BTL starts by looking at the property in isolation and whether it will fund itself. They will probably downturn the income for holiday lets property in the current climate.  If you can put another property as security also I doubt you will have much trouble.  Get a mortgage broker.