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How To Get A Buy To Let Mortgage With Bad Credit From The Bad Credit Experts | Simply Adverse
Getting bad credit buy to let (BTL) mortgages on the high street can be next to impossible, but that doesn’t mean that there is no way to secure a BTL bad credit mortgage. If you’re looking to buy a property to let for the first time, remortgage a buy to let with bad credit, or make a new investment, then a bad credit history doesn’t always have to stand in the way.
Found the perfect buy to let property? Need a BTL remortgage? Simply Adverse has access to the best niche specialist lenders in the UK, as well as high street lenders, so don’t hesitate to call us today for impartial advice and a free assessment of your situation!
Why Choose Simply Adverse For Bad Credit Buy To Let Mortgages?
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Simply Adverse aren’t a buy to let mortgage broker who handles some bad credit cases. We are a specialist bad credit mortgage broker that brinks that expertise to securing buy to let mortgages |
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We understand how stressful trying to arrange a mortgage is with a poor credit score, so we do everything possible to keep things simple. With glowing reviews, access to exclusive rates, and experience in all areas of bad credit buy to let mortgages, we’re the service you need for fast advice and exceptional results. |
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Lines Open: Mon-Fri 9am-9pm and Sat 9am-5pm. Alternatively request a call back at a time convenient to you.
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What Is Bad Credit History?
Many credit reports give you a numerical value that summarises your credit history, which is based on numerous factors mostly relating to your past and current credit responsibilities. A bad credit history, or low credit score, means that you have a record of failing to manage credit effectively, shown by instances like missed payments, defaults, CCJ’s (County Court Judgements), or IVA’s (Individual Voluntary Arrangements) / bankruptcy.
Having a bad credit rating doesn’t instantly disqualify you from obtaining a buy to let mortgage, but without the help of a specialist bad credit mortgage broker, your options could be extremely limited.
How Do I Know If I Have A Poor Credit Score?
For the best idea of your buy to let mortgage eligibility, knowing your credit profile or information is essential. If you’ve never checked your credit before, here’s how you can do it with ease:
- How to Check
Checking your credit score only takes a few minutes when you use one of the readily available checking services like Equifax, Experian and TransUnion. Or check your credit report for free using our partners CheckMyFile (30-day free trial, £14.99 a month thereafter, cancel any time) - How to Get Your Credit Report
When you use the credit checking services, alongside your credit score you’ll also receive a credit report which covers essential information that you’ll need to start repairing your credit rating. If you need some help understanding your credit report , check out our guide. - If You Have Bad Credit Don’t Make Multiple Searches, Talk to the Experts
A bad credit rating isn’t the end of the world! If you’ve been given a poor rating, then give Simply Adverse a call and we’ll help you to understand your buy to let mortgage bad credit rating options. - Repair Your Credit File
The good news is that most bad credit ratings can be repaired over time with positive actions. Fixing any mistakes on your credit file will help you to improve your rating, as will staying up to date with payments and building a positive credit history going forwards. - Take Our Buy to Let Mortgage Bad Credit History Quiz – If you’re looking to remortgage buy to let with bad credit or get a first time buy to let bad credit mortgage, then you can take our specially designed suitability quiz that tests your eligibility for a mortgage.
Make searching for a mortgage easier with help from our professional team, you can call us 7 days a week to begin your search for the best buy to let mortgage deals.
Buy To Let With Bad Credit FAQs
Whether you’re new to buy to let or an experienced landlord, understanding your eligibility for a buy to let mortgage with bad credit can be difficult. Here are the answers to three FAQs about buy to let mortgages:
- What are Bad Credit Buy to Let Mortgages?
A bad credit buy to let mortgage is essentially the same as a normal buy to let mortgage, but the process involved in getting the mortgage can be much more difficult. Rates will often be higher, and the lenders will be stricter as you’ll be seen as more of a risk if you have a bad credit rating. - How Does the Affordability Test with Buy to Let Mortgages Work?
Some lenders of buy to let mortgages will request that you have an income of at least £25,000. Lenders will also want to be reassured that the rental income will cover any mortgage payments by a minimum of 125%, i.e. if your mortgage payment is £400 pcm you should realistically be able to realise a rental income of at least £500 pcm. Some lenders will also stress test the interest rate to see it is still affordable at a rate of over 5%. Affordability does vary from lender to lender and our experience allows us to interpret this calculation early in the solution building process. - Will I Be Able to Find Buy to Let Mortgages on the High Street?
There are buy to let mortgage lenders on the high street, but very often they rule you out if you have bad credit. Simply Adverse cover the whole market, which includes lenders who specialise in buy to let mortgages for people with bad credit.
Have more questions about buy to let with bad credit? With no up-front fees, you can contact us to discuss your concerns about getting a mortgage with bad credit.
Can I Get A Buy To Let Mortgage With Bad Credit History?
Obtaining a buy to let mortgage with bad credit can be much more difficult than obtaining other types of mortgage with bad credit, as a buy to let mortgage is riskier for lenders; you’ll normally need a higher deposit and the affordability test for the mortgage will be different. However, when you use a bad credit mortgage broker, you’ll most likely be accepted for a buy to let mortgage.
Whilst your adverse credit history will work against you, it can be possible to obtain a buy to let mortgage with all types of adverse credit – the longer the period that has passed between the adverse credit incident, the better.
Simply Adverse can advise you on buy to let bad credit mortgages whether your bad credit is due to a missed payment or past experience with bankruptcy or CCJs.
How Simply Adverse Can Help
Simply Adverse has a long history of excellent results, with hundreds of glowing reviews a testament to our comprehensive service. Here’s an insight into the service that you can expect from us:
We Do the Hard Work
With our team of expert advisers, specialist pre-underwriters, and case managers, we can take care of all the heavy lifting when it comes to arranging a mortgage. We provide quick advice, source competitive rates, and make every process simpler.
Not Tied to a Panel of Lenders
With no panel of lender restrictions, we can cover the whole market to find buy to let mortgage bad credit history lenders who offer the best deals and exclusive rates, as well as high street lenders.
You Only Pay When a Formal Offer is in Place
Simply Adverse provides a 7-day a week service that covers free assessments and advice with no upfront fees. Our fees only come into the equation when you have a formal offer with commitment to lend from the bank.
Take Our Mortgage Buy to Let Bad Credit Rating Eligibility Quiz
Tired of the worry that comes attached to buy to let mortgage bad credit history? Take our eligibility quiz to learn more about your suitability for a buy to let bad credit mortgage.
With an unrivalled service, tested process, and guaranteed whole market coverage, you can rely on Simply Adverse to provide first class support when helping you to find a mortgage.
Call 01245 330163 For A Free Quote
Lines Open: Mon-Fri 9am-9pm and Sat 9am-5pm. Alternatively request a call back at a time convenient to you.
It’s quick & easy. No credit check.
What Buy To Let Mortgage Bad Credit Rating Lenders Do Simply Adverse Work With?
When searching for buy to let mortgage bad credit lenders, a whole market search is essential. We can provide you with access to every deal on the market, and exclusive deals, from lenders such as:
Find Bad Credit Buy To Let Mortgages With Simply Adverse
Buy to let mortgage bad credit options can be very limited, with lenders being much stricter about who they accept for the riskier mortgage type. The excellent service and process that Simply Adverse offer can help you to find lenders even when you’ve had no luck on the high street.
A bad credit rating doesn’t have to mean the end of your buy to let dreams, just call us today and we’ll provide the support you need to secure a mortgage from bad credit friendly lenders.
Buy-to-Let Bad Credit Mortgage Interest Rates
This is a collection of representative figures to let you compare current buy-to-let bad credit mortgage interest rates. Simply Adverse work with a number of different types of lenders who specialise in providing mortgages to people with a poor credit history. You can find out more about the lenders we work with, as well as types of bad credit profiles they consider, under each mortgage product.
Whether your application is successful will depend on several factors including how much adverse credit you have, the type of adverse credit and how recently you had credit problems. The amount you have available for a deposit will also affect your likelihood of success.