This mortgage product is ideal for applicants who are on benefits and who dont meet the requirements for mainstream lenders. Suitable for those who dont have proof of income, the unemployed or for applicants who are pensioners and have retired from employment.
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What are the features and benefits?
Buy to let mortgage product for applicants who are on benefits
Benefit applicants are accepted with this lender
If you need to mortgage a buy to let and receive benefit payments or do not have adequate proof of income then this product is for you. Also, there is no proof of rental income is requirement, and the tenancy agreement (AST) can be used to evidence rental the rental income with no further proof required with this lender.
What type of properties is this mortgage suitable for?
This mortgage product is suitable for any property type including semi commercial properties, ex local authority houses, flats above shops, maisonettes and including High Rise, HMOs & Non Standard Construction properties. There is no minimum property valuation requirements with this lender and uninhabitable properties with no one living in them are also accepted.
Does the lender accept applicants with multiple buy to let properties?
Yes, this product is also suitable for portfolio landlords who own multiple property investments. Lending on this mortgage is available in England, Scotland and Wales with no minimum property value requirement.
Is there a minimum ownership period?
No, while some lenders will require you to have owned the property for at least 6 months, this is not the case with this lender. There is no minimum ownership time required and remortgage finance is immediately available.
There is no mortgage history required so First Time Buyers are considered.
Does this lender accept some adverse credit?
Yes, poor credit applicants are considered including people with CCJ’s (county court judgements), IVA’s, missed payments, account defaults, discharged bankrupts, and applicants with a low credit score. No credit scoring is required for this application which means there is no requirement to undergo a credit check.
What are the product details?
- Mortgages from £10,000 – £1,000,000
- Up to 75% loan to value.
- Adverse credit and low credit score accepted
- First and second charge loans available
- Ex-pats landlords are accepted
- Any legal purpose including tax bills and purchase other properties and deposits
- Equitable charges available
- Capital and interest only available
- Up to age 80 at application
- No credit scoring, which means no need for a credit check
- Unemployed applicants OK