Credit slip-ups might affect a buy-to-let landlord’s options when it comes to new lending. When these clients fail to meet high-street requirements, TBMC can help with access to specialist lenders geared for these otherwise suitable applicants.
Lenders usually give a clear breakdown of the adverse limits they will accept. Checking your client’s credit report gives you the facts needed to source the right lender before adding any unnecessary credit searches to their current file. Things to consider:
CCJs, defaults, mortgage and credit arrears:
· how many
· current status
· when were they incurred
Debt management plans, payday loans and bankruptcy:
· when were they registered
· satisfactory conduct
· Often these scenarios are subject to the underwriter’s discretion.
Lenders like Foundation Homeloans, Bluestone and Together Money can offer solutions through tiered product ranges defined by your client’s credit profile.
If you have any tricky buy-to-let cases that you would like to discuss with an experienced specialist, TBMC can help you place the applications with suitable lenders for your landlord clients.