Can I Get a Buy to Let Mortgage with a Poor Credit History?

There is no denying that if you have a bad credit rating, it will be more difficult to get a buy to let mortgage. In the buy to let sector, for example, you may be expected to put down at least 25% and possibly 35% of the property price as a deposit.

Shop Around

If you have been turned down by the first couple of lenders that you approach, then donbt be put off applying. There are companies out there who will lend to buyers with a bad credit rating. Make sure that you choose a lender that is governed by the Financial Conduct Authority, or you could find yourself in trouble. Those lenders governed by the FCA have to adhere to a particular set of financial guidelines, and therefore safer to borrow from them. No other lending is permitted in the UK unless the lender is authorised and regulated by the FCA apart from non-regulated buy to let or commercial finance.

Find a Good Mortgage Broker

Talk to a member of our team.B They have years of experience, dealing with all manner of situations so while a poor credit history can make it more difficult to find a suitable lender, it doesnbt mean that they wonbt be able to secure you a loan.

Your Financial State

If you have a poor credit rating, but earn a good salary and have a large deposit to put down on a property, itbs more likely that you will find someone to lend you money. Some lenders offer deals especially designed for those with a poor credit history. If you are employed, the lender may request evidence of a yearbs salary, and if you are self-employed, they may want to see your yearly accounts & SA302 available from the Inland Revenue.B But allow up to three weeks for the Inland Revenue to send the SA302 forms to you. Always check your credit rating to see if there are any mistakes or old ratings that should have been removed. Knowing what you are up against is always a good thing, especially if you are applying for a mortgage.