8:29 AM, 1st May 2014, About 9 years ago 2
I am looking for mortgage broker recommendations for BTL (1st time buyer, low credit score due to little credit card use, £70k deposit)
I’m a first-time buyer, no previous mortgages at all, looking to buy to let because my future work means I’m not ready to settle down in one area at the moment yet and buy a residential property.
I have a deposit of £70k and I’m looking to get a buy to let mortgage of 75% LTV. The property price is £275k, it’s a 3 bed house in outer outer London.
My income is £35k, going up to £42k with bonuses. My problem is that until this year I haven’t used a credit card – so my credit rating is poor simply due to lack of use due to what I thought was prudent financial planning…silly me!
I’ve never had problems with debt at all – just never really used credit. Virgin were going to give me a mortgage in principle – except my credit rating was too low.
I’ve been on the electoral roll for over 20 years. I’ve had a look at my credit history and besides a poor score, there’s no errors or mishaps.
I can’t really wait endless months to boost up my credit rating by using a credit card – so I’m looking to hire a mortgage broker/advisor to negotiate with lenders that offer BTL to first-time buyers.
I would be very grateful for your help here.
Thank you very much.