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Property Mentor Investment Questions
The following question was recently submitted to our property experts by an individual looking for advice on how to deal with their property let. If you have got a question regarding your tenancy/property, contact us now via the link to the right.
Submit your own questionsCan I still obtain a mortgage with a bad credit rating?
A: Obtaining a mortgage with a bad credit rating may be hard, but it is not impossible. In fact, it is not all that different from getting a traditional mortgage. If you are investing in this property for yourself for instance, then you will need to apply for a bad credit mortgage, where your lender will then be able to look at: your credit report, your employment history, your income and the amount of debt you are carrying.
If on the other hand you are investing in this property to turn it into a property let, your credit rating doesn't have to become an obstacle.
The incredible thing about property investment is that it has little to do with you as a borrower. The key to acquiring your buy to let mortgage is to ensure that your potential property investment can generate 125% of its mortgage in rents. If your property can do that then your credit history won't matter.
If you are still concerned though that your credit history might affect your ability to invest, we recommend getting your credit file from experian and equifax, and speaking to a mortgage broker. If they feel you can get a mortgage, our Property Mentor Finance team can help you to get onto the property ladder.
To see a full list of our writers and find out more about them please visit the authors page.
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LandlordWhether you are new to property investment or are looking to expand your existing property portfolio, at Property Mentor we can help.
Our property experts have spent the last 20+ years formulating a proven investment system that has successfully helped over 2,000 delegates to create property portfolios of all shapes and sizes.
So no matter your prior property knowledge, why not let us at Property Mentor help you to become the property investor you know you can be and attend one of our FREE 2 hour taster sessions today? Simply enter your postcode into our unique postcode checker below and discover where your next closest property course is taking place.
