Are you a landlord who’s had a few financial hiccups in the past? Don’t worry, you’re not alone, and now there’s a new mortgage that could be perfect for you.
Buckinghamshire Building Society has just launched a brand new mortgage aimed at landlords who have had some credit issues. This could be anything from missed loan payments to county court judgments (CCJs).
What’s the Deal?
The new mortgage, called ‘BTL Non Standard Credit’, offers a competitive deal for landlords who might be struggling to get a mortgage elsewhere.
- Low rate: You’ll get a 3-year discount of 2.40% off the standard variable buy-to-let rate, bringing the current headline rate down to 6.39%.
- Big Loans: You can borrow up to £500,000, and the maximum loan-to-value (LTV) is 75%. This means you can borrow 75% of the value of your property.
- No application fees: Buckinghamshire Building Society is waiving the usual application fees, so you can save some money upfront.
- Flexible options: You can apply as an individual landlord or as a limited company. You can also use it for both regulated and consumer buy-to-let properties.
What Types of Credit Issues Are Covered?
This mortgage is designed for landlords who’ve experienced a few bumps in the road:
- Missed payments: You could have missed payments on secured and unsecured loans, credit cards, mortgages, payday loans, or even utility bills.
- CCJs: If you’ve had a county court judgment against you, this mortgage could still be an option.
- Defaults: This covers situations where you haven’t been able to meet your financial obligations.
- Mortgage arrears: This mortgage is available even if you’ve had issues with mortgage payments in the past.
More Choice For Landlords
This new mortgage has been welcomed by brokers who say it provides much-needed flexibility for landlords who have been affected by the cost of living crisis.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “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.”
Who Will This Mortgage Suit?
This mortgage could be a good option for landlords who:
- Have experienced minor credit issues in the past
- Need to borrow a large amount of money
- Want a competitive interest rate
Important Things To Know
- You need to have a maximum of three mortgaged properties.
- There is a product fee of £1,195.
- You’ll need to meet Buckinghamshire Building Society’s usual affordability criteria.
If you’re a landlord who’s been struggling to get a mortgage due to some credit issues, this new product could be a great opportunity to get back on track.