You may well be forgiven for thinking that the current climate has been quite tough for obtaining finance.
The Financial Conduct Authority’s (FCA) recent implementation of the Mortgage Market Review, which put new restrictions on lending, has now been quickly followed by talk of the Bank of England looking to raise interest rates sooner rather than later as the economic recovery gathers pace.
Well I thought I would just remind readers that it is still possible for us to obtain buy to let finance, even in what might appear to be difficult circumstances.
I was recently able to secure funding for clients who wanted to purchase and refinance a number of properties.
The clients were experienced investors, however their provable income was less than £10,000 per annum. Additionally three years ago, through no fault of their own, they had also experienced some credit issues. Thankfully these problems have since been resolved and over the past two years they have had an unblemished record.
I managed to find a lender that had no minimum income requirement as long as there is evidence of an income and the applicant is an existing property owner.
The lender would also lend at up to 85% LTV with no restrictions on the number of properties owned.
It just goes to show that there are still positive, forward thinking lenders in the market.
I have access to a wide range of lenders and products to suit most circumstances so if you would like a free no obligation chat about your particular situation, why not contact me?
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