Buy To Let & Debt Consolidation By Chris Morgan
Unusual Mortgages have recently been getting a number of requests from landlords who wish to utilise their assets and either raise capital to purchase further properties or repay unsecured debts they may have accumulated.
We also meet landlords who have paid for refurbishments and redecorating from their own pockets and now wish to recuperate the money via a re-mortgage. However, due to the latest lending criteria this can be tricky, especially if the landlord is currently in rented accommodation themselves.
Now you may think this to be odd, but some landlords move around with their day job, particularly if they are in executive management, or are British Expats living abroad, so we often get phone calls from confused applicants whose income is strong and own properties with large amounts of equity, but are still having difficulty raising mortgage finance.
Here are some top tips for people who may find themselves in that position
1) If you are looking for a Buy To Let product for Capital Raising and Debt Consolidation and been having difficulty, then seek specialist advice, because although difficult it may be possible
2) There are only very limited lenders in the Buy to Let market and many of those have strict rules around raising capital and debt consolidation.
3) Lenders have strict guidelines and criteria around residency and unsecured debt you may have in your name, once again seek advice before applying as this is something that is complex needs to be presented to the lender 100% in the right way
4) If you apply directly and are declined it then can be far more difficult for a broker to secure you a mortgage. Sometimes it is better for an application to be presented to the lender from a specialist broker.
5) Specialist Mortgage Brokers will be able to speak with underwriters and lenders before submitting a case, to gauge their interest before submitting a formal application. This will protect your credit record and avoid “foot prints” on your credit record showing you have approached several lenders
6) Buy to Let criteria has become extremely technical since the introduction of new rules earlier in 2017, however for certain groups of landlords it is still possible to re –mortgage, capital raise and consolidate debt, speak to the experts first.
15 Minute Mortgage Assessment
Unusual Mortgages offer a 15 minute free mortgage assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We will confirm if the decision you were given is correct and assess your options across 70 lenders on our manual research list, from which we tailor bespoke solutions for our clients.
If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from the most experienced mortgage broker in the United Kingdom at placing “Unusual Mortgages”.
If you require more information on Complex Mortgages, Multiples Mortgages, Buy to let, Self Employed or Adverse Credit Mortgages you can contact Unusual Mortgages onUK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk