BUY TO LET MORTGAGES

Borrow £25,000 to £5 Million.
Property Purchase and Re-mortgages.
CCJ's, Defaults and Missed Payments.
No Initial Credit Check.

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COMPARE MORTGAGES

Applying for a mortgage can seem daunting. It can sometimes be a complicated and lengthy process and the choices can seem overwhelming and hard to comprehend. We understand and we are here to help you…

At the Money Hub we can advise and help you choose the right mortgage. We can even help you secure funds if you have a bad credit history. We will help you to understand the conditions of your mortgage, giving you a full detailed breakdown along with the lenders details. Naturally, the most important thing is to make sure you will be able to afford the repayments.

Buy to Let Mortgages

MORTGAGE LENDERS

(not all lenders displayed - not specific to your personal circumstances)

Customer Reviews

FREQUENTLY ASKED QUESTIONS

How we work?
By making an enquiry we will contact you to discuss your needs and outline if we can be of assistance. We will then request a copy of your credit file for a qualified adviser to review. After a full review of your credit profile the adviser will discuss this with you, provide advice and discuss possible quotations.

If you wish us to proceed and get a ‘Decision in Principle’ we can do so. Once we have a decision from the lender we will discuss and email you a formal quotation and outline our process going forward.
What sort of bad credit do you accept?
We have lenders that will accept clients who have had County Court Judgements (CCJ’s), Defaults, Missed payments, Debt Management Plans (DMP), Individual Voluntary Arrangements (IVA) and discharged bankruptcy. The general rule is that any bad credit needs to be registered over a year ago.
Do I need a deposit / equity?
Yes. You will need a minimum of a 10% deposit however, this is does depend on the level of bad credit that you have, so for example, if you have had CCJ’s/mortgage arrears in the last 2 years you may need to have 15%+ deposit. If you are buying a property through a shared ownership scheme we have lenders that do not require you to have a deposit. If you are buying a property through the Help to Buy scheme we have lenders that can help you providing you have a 5% deposit to put down.
How long does a bad credit mortgage take to arrange?
Once a Decision in Principle (DIP) has been done the typical arrangement times from mortgage application to offer is 1 month. Specialist bad credit mortgages do take more time when compared to standard high street mortgages, due to the extra due diligence that is required on these cases.
I have a low credit score – does that matter?
No. We have lenders some of whom are high street Building Societies that will lend to you if you simply have a low credit score, due to not being on the voters roll or not having much active credit. If you have a low credit score as a result of bad credit (CCJ’s/defaults/missed payments etc) we certainly have specialist lenders that can help.
I have been declined by other brokers – can you help?
The key to this question is why you were declined. We provide an advised service, so if we cannot help you now, we will explain why and provide advice as to what you need to do to be able to get a mortgage in the future.

Buy to Let Mortgages

Buy to let mortgages are specifically for when you want to buy a property to rent out to a 3rd party. Highly popular recently, professional landlords used buy to lets to enable them to build a property portfolio of rented properties that gave them an income stream whilst enjoying the appreciating price of the property itself. With low interest rates offering next to no return on capital, combined with many people unable to get on the housing ladder for a variety of reasons, renting has become more popular than ever and buy to let mortgages have seen a huge increase over recent years.

If you are considering becoming a landlord you will need a buy to let mortgage and there are certain things that you should consider before jumping in. Often for example you ill need to pay a larger deposit as security, often around the 25% level, although some buy to let mortgage lenders need a 40% deposit to secure the very best interest rates. Interest rates tend to be a little higher, but a buy to let mortgage is very similar to a standard mortgage in that each application is individually assessed, so better deals can be available depending on personal circumstances.

The next thing to consider when looking at buy to let mortgages is the rental income versus the mortgage repayments. Most lenders will want to see a 125% annual rental income over mortgage repayment. So if your annual buy to let mortgage repayment is £10,000 your lender will want to see an annual rental income yield over £12,500. There are also, on occasions a requirement for a "buffer" payment to cover short periods between tenants and subsequent loss of rental income.

There are a choice of buy to let mortgages available and most are interest only. This means that you pay the interest on the loan but are not paying back the loan capital. The monthly loan repayment is less than a standard repayment mortgage and an element of the mortgage interest can be offset against personal income tax. However provision has to be made to repay the loan amount n full at the end of the buy to let mortgage period.

Needless to say, if considering a buy to let mortgage ensure that you have sufficient funds to cover any periods when a tenant may not be in the property paying rent, and consider also maintenance and repair bills that will inevitably occur.

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