Buy To Let Mortgages for Bad Credit Facts
If you have a previous mark against your credit record then this will probably result in a more expensive mortgage arrangement as effectively the lender will see you as a greater risk. Many lenders will require a greater level of minimum deposit e.g. 30% as a minimum is typical.
Since 2008 obtaining credit if you have a previous credit history has been tougher as lenders have become more risk averse. The level of previous arrears etc will determine the cost and in some cases the lender may decline your application which is where you can benefit from an expert handling your mortgage requirements.
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Some examples of common issues that will adversely affect your credit history are:
- Unpaid debts on mortgages, rent and other loans
- Previous Bankruptcy
- Being self employed without accounts
- Individual voluntary arrangements (IVAs)
If you have blip on your credit record then it makes sense to deal with a specialist broker in helping you get a buy to let mortgage as understanding lender criteria is time consuming and a broker can quickly assess whether your application is viable or not.