BTL Adverse Credit Mortgages- Purchase/Remortgage/Capital Raising

BTL Adverse Credit Mortgages

We have further products available through our complex mortgage team which may interest you. Every case is bespoke and the details below are a guide rather than rules. This is good old fashioned lending where the lender needs to get into the guts of the application rather than relying on ticking boxes and a credit score.

If you have a mortgage you can’t place, please speak to our complex mortgage team, they can deal with the whole case for you, free up your time, and still pay average commissions of £1000

We also have some packaging options and don’t forget our range of second charge BTL loans and bridging.

The adverse BTL mortgage overview is as follows. Each one needs to be sold into the lender so get an idea of the story behind what caused the problem and the circumstances now to show the problem is unlikely to reoccur.

• Min Loan amount £50,000
• Max Loan amount £500,000
• Unlimited CCJ’s & defaults up to £2500 – Unsatisfied to be repaid on or before completion
• Arrears considered up to 3 months maximum in the last 3 years on secured lending
• Type: Interest Only
• Max Term: 25 years
• Min Income: £25k or 125% of rental income
• LTV max: 60% at 6.99%
• No ERC’s
• Fees can be added
• No arrears in last 12 months on any secured loan
• No returned items on the bank statements in last 3 months
• Overdraft not exceeded in the last 3 months
• First time landlords accepted
• Can have 10+ BTL’s – Maximum exposure is £500K per applicant
• Clients must have personal income when applying for a BTL mortgage
• 100% rental income considered providing there is an AST in place and bank statements show the income coming in
• Condition of all mortgages – all adverse must be settled with the advance
• If a client is a professional landlord can use profit from rental income but will need accountants reference or certificate
• Need to show that tax is being paid.

www.promisemoney.co.uk

01902 585052