Secured loan on Buy to Let (Bad Credit)

wmat983

I was wondering if it was possible you could get a secured loan on a buy to let property if you have bad personal credit and affordability? 

Buy to let is in my name but I have a bad credit rating and affordability will be poor as bills in my name but my long term partner earns more and covers a large chunk of them.

There is plenty of equity and the monthly rent easily covers mortgage and has plenty left over.

I was just wondering whether they look at it as a business rather than my own personal credit/affordability?

DullGreyGuy

wmat983 said:

I was wondering if it was possible you could get a secured loan on a buy to let property if you have bad personal credit and affordability? 

Buy to let is in my name but I have a bad credit rating and affordability will be poor as bills in my name but my long term partner earns more and covers a large chunk of them.

There is plenty of equity and the monthly rent easily covers mortgage and has plenty left over.

I was just wondering whether they look at it as a business rather than my own personal credit/affordability?

You say the house is in your name not a companies... is the loan for a business or personal purpose?

You're operating as a sole trader so there is only one credit/affordability to check but they may consider other factors if your borrowing the money for business purposes.

Hoenir

wmat983 said:

I was wondering if it was possible you could get a secured loan on a buy to let property if you have bad personal credit and affordability? 

There is plenty of equity and the monthly rent easily covers mortgage and has plenty left over.

Would selling the property possibly be a better option. Than simply borrowing on a secured basis. Your first charge lender may get jittery when it comes to offering a new product. 

wmat983

Hoenir said:

wmat983 said:

I was wondering if it was possible you could get a secured loan on a buy to let property if you have bad personal credit and affordability? 

There is plenty of equity and the monthly rent easily covers mortgage and has plenty left over.

Would selling the property possibly be a better option. Than simply borrowing on a secured basis. Your first charge lender may get jittery when it comes to offering a new product. 

Don't really want to sell property got some good tenants in there at the moment. Could I remortgage maybe with a new lender then release some equity at same time? Again not sure though due to credit rating and affordability as I mentioned earlier.

wmat983

DullGreyGuy said:

wmat983 said:

I was wondering if it was possible you could get a secured loan on a buy to let property if you have bad personal credit and affordability? 

Buy to let is in my name but I have a bad credit rating and affordability will be poor as bills in my name but my long term partner earns more and covers a large chunk of them.

There is plenty of equity and the monthly rent easily covers mortgage and has plenty left over.

I was just wondering whether they look at it as a business rather than my own personal credit/affordability?

You say the house is in your name not a companies... is the loan for a business or personal purpose?

You're operating as a sole trader so there is only one credit/affordability to check but they may consider other factors if your borrowing the money for business purposes.

No, it would be invested into my residential property so not for business purposes.

housebuyer143

There are a handful of lenders who take bad credit like Vida, pepper, Kensington etc, so it's possible and BTL mortgages are self funding so they don't look are your salary normally providing the rent meets their affordability criteria. 
You will definitely want a broker who specialises in BTL mortgages and they will be able to advise if you are likely to be accepted