Struggling to find a mortgage because of a few credit blips? Don’t despair, landlords! Buckinghamshire Building Society has just launched a new buy-to-let mortgage designed specifically for those with less-than-perfect credit histories.
This new “BTL Non Standard Credit” mortgage could be your ticket to expanding your property portfolio, even if you’ve had some financial bumps in the road. The mortgage is designed to help landlords who have experienced things like:
- Missed payments on loans (secured and unsecured)
- Defaults
- CCJs (County Court Judgements)
- Mortgage arrears
- Payday loan issues
- Missed utility payments
The Details You Need
Here’s the details of this new mortgage:
- Rate: You’ll get a three-year discount of 2.40% on the standard variable rate, giving you a current headline rate of 6.39%.
- Loan Size: You can borrow up to £500,000.
- Loan-to-Value (LTV): The maximum LTV is 75%, meaning you’ll need a 25% deposit.
- Fees: There are no application fees, but you’ll need to pay a product fee of £1,195.
- Property Types: It’s available for both regulated and consumer buy-to-let properties.
- Landlords: Both individual landlords and limited companies can apply.
- Property Limit: You can have up to three mortgaged properties.
Why This Matters for Landlords
Landlords are facing tough times with the cost of living crisis. This new mortgage offers some much-needed flexibility and gives those who have faced financial difficulties a chance to get back in the game.
Claire Askham, Head of Mortgage Sales at Buckinghamshire Building Society, said: “Our BTL Non Standard Credit mortgage is a new area of lending for the society, and fills an important gap in the market. Brokers are crying out for more options for their landlord clients who have experienced minor credit issues, with an insufficient level of choice on the market currently.”
So, if you’re a landlord looking to expand your property portfolio but are worried about your credit score, this new mortgage could be the answer you’ve been waiting for. Talk to your mortgage broker to see if you’re eligible!