Since the credit crunch it has been extremely difficult for anyone without a perfect credit history to obtain a Buy to Let mortgage. Mainstream lenders have not been interested in entertaining any mortgage arrears, CCJs or defaults until now.
Aldermore have changed their Buy to Let criteria allowing a mortgage to be considered for customers who have had:
1 or 2 missed mortgage payments over 12 months
CCJs and Defaults registered over 3 years ago
Missed unsecured credit payments such as credit cards, mobile phone, loans etc
In recent years most options open to Buy to Let customers with any adverse credit would have cost 8-10% and even up to 15% for more serious cases.
This is obviously a very clever attempt to capture market share in a niche area, but really does help a lot of investors who have had a blip and are still a good risk
The Aldermore Product range starts from:
3.98% for a 2 year fixed fee 2.5% at max 75% LTV
up to 4.98% with £1,999 fees for their 80% LTV products.
Aldermore Criteria includes:
No minimum income for experienced Landlords or £25,000 min for First time Landlords
Min Value of a property £75,000
No DSS tenants
Max 5 properties with Aldermore
You can get a full quote on our Buy to Let mortgage sourcing Calculator if you wish (CLICK HERE)
Or if you need any help with a Buy to Let application
I am a landlord specialising in renting to DSS Tenants – ask me anything 🙂
You may remember the video’s I shared with you back in June and November? Well this is what the place I video’d in November looks like now, just three weeks later …
My original video’s from June and November are below.
Some people think I’m must be crazy to accept benefits tenants. Well maybe I am but it works for me and I have dozens of very happy tenants and a waiting list as long as your arm for my properties. I have no voids and never need to advertise. In short, this video does not tell the full story but I am happy to to tell you mine if you care to ask 🙂
Looking forward to reading and responding to your comments.
I previously posted information about a problem Estate Agent who had let my property in Dover to a family on DSS with 7 children contrary to my instructions of no DSS tenants and no pets. I was very specific about my requirements due to a nightmare and costly experience with a previous tenant on DSS who trashed my property.
On discovering that my agents had disregarded my instructions, I wrote a complaint to them holding them responsible for any loss of rent or for the cost of any repairs and evicting the Tenants or re-letting the Property. This culminated in a “desist” letter from a solicitor and immediate termination of Estate Agent services. I had also contacted the Ombudsman and after six months of waiting I finally received their report. Continue reading The Ombudsman has ruled, fair or not, you decide ….→
I have been a landlord since 2002 and currently own five Buy to Let properties.
I will consider DSS tenants and pets, but definitely no smokers.
I have no intentions of selling any of my properties and maintain them all to a very good standard. All of my current tenants are long standing and may stay as long as they wish. Continue reading Rhett Costin of Shrewsbury→
Linda has written in to share her problem letting agent story and to ask the Property118 community for their opinions, guidance and advice. The remaining content of this post is Linda’s:-
“I purchased properties about four years ago as a cushion for retirement. It has proved a disasterous undertaking and now that retirment is upon me I have used almost all my savings to redecorate flats left in a disgusting state by tenants. Continue reading Problem Letting Agent→
As we all know, the landlord’s most dreaded expense is void periods and I am always looking at innovative ways of trying to achieve the “holy grail” – 100% tenant occupancy – 100% of the time.
Renting to DSS tenants (as discussed in DSS tenants – another issue) can drastically reduce our voids but, as your many comments highlighted, DSS tenants do not come without their own unique set of tenancy issues – which are not palatable to large swathes of fellow landlords!
The good thing about being a landlord is that I not only generate a fantastic monthly income from my property investments but I also have the power to make a positive impact on the lives of some vulnerable people “DSS Tenants” living in my community by providing them with a home (when other landlords might not).