Mortgage broker recommendations for BTL (1st time buyer, low credit score due to lit

edited 30 March 2016 at 10:32PM in Mortgages & Endowments
7 replies 1.1K views
propertydogpropertydog Forumite
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edited 30 March 2016 at 10:32PM in Mortgages & Endowments
Thank you everyone for the advice. Very helpful indeed!

Replies

  • edited 30 April 2014 at 7:42PM
    Typhoon2000Typhoon2000 Forumite
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    edited 30 April 2014 at 7:42PM
    If you are buy the place to live in, you will not be able to take out a BTL as it's not a regulated mortgage and will be against the terms of the mortgage. Anyway just about all BTL lenders require you to be a home owner first.
    I can image your lack of a credit card will make much difference to any residential mortgage application.
  • ThrugelmirThrugelmir Forumite
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    Given your circumstances and the high income to debt ratio. Lenders may well perceive that this is a way for your to enter the property market for yourself. With no ultimate aim of letting the property.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • Dave_HamDave_Ham Forumite
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    There are a couple of other lenders out there potentially, although getting past the plausibility checks is going to be an issue.


    For example, why would you commercially (not emotionally) buy at £275k and pay an extra 2% stamp duty vs £250k


    Whether you are married, linked, children etc. will all be taken into consideration and this will be very tight.


    An experienced broker should still be able to navigate a solution.


    Good luck
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • GMSGMS Forumite
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    What will be the rental income per month?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • edited 30 March 2016 at 10:32PM
    propertydogpropertydog Forumite
    13 Posts
    edited 30 March 2016 at 10:32PM
    Thanks everyone for the responses.

    I will go and have a look at brokers.
  • Would a good broker be able to hire an underwriter to look into the credit history and then be able to discuss this with a mortgage company who offer to first-time buyers? Is that possible?

    Thanks again for all your help, folks.
  • amnblogamnblog Forumite
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    two banks that offer BTL to first-time buyers - Natwest and Virgin Money. I don't think there are any others out there for my income vs property price.

    Where did you get this information form?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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