Think carefully before securing other debts against your home.  
Your home may be repossessed if you do not keep up repayments on your mortgage

Other factors to bear in mind?

Adverse Credit

If you have adverse credit, then this of course does make getting a mortgage or loan more difficult, even impossible.

Lenders will look at your situation sympathetically and look to help.  However they have strict criteria in such matters and a successful outcome may not be assured.  It is always subject to a full assessment and underwriting.

First step is to get a copy of your credit report directly from Experian or Equifax – both would be better!  This will give us a good idea of exactly what is registered against you and when.  Issues over 6 yrs old will no longer be highlighted on the report although a lender may ask ‘if you have ever been’.  So it is important we declare and answer all questions truthfully.   At Max Mortgages we will select a lender which is more likely to sanction the borrowing based on your situation.  If you have had a few late payments a few years ago, it may be easier to provide reassurance to underwriting you are now in a better position.  However if the issues are far more recent or still in play (i.e you are still making debt repayments), then many lenders and standard products will be pretty much out of reach.

Specialist lenders may entertain an application, but bankruptcy, CCJs and missed mortgage payments are just some of the issues that really do complicate matters further.

The key is to always maintain a healthy credit file as it can take years to rebuild.  If you owe a £200 debt, don’t enter into a £5pm repayment plan that keeps it active for over 3yrs, look to pay it ASAP.  Talk to us and we can assess your situation and advise whether it is worth applying or what you should do before any such application.

VISAs

Different lenders have different VISA policies.  Many lenders insist either you are British or have Indefinite Leave to Remain (ILR).  Whilst other lenders will consider the length of time you have been in the UK even if you are on a VISA.  Some will take a view so long as you have at least 25% deposit and it is from your resources (not gifted).  This applies mainly to residential mortgages, for Buy To Let properties the requirements are tighter.

Non-Occupier Owner

For Buy to Let (BTL) purchases, many lenders expect you to own and live in your own property.  If you do not meet that criteria, you will not qualify for a BTL mortgage.  This is firstly because you should be buying a house to live in and put a roof over your head before you start investing, plus should you have any financial issues, as you do not have a main residence, the BTL asset may be used unfairly to assist your troubled situation.  Also lender’s do not want residential purchases to be taking place under the guise of a buy to let purchase.  This is mortgage fraud and not something Max Mortgages will help you with.

However there are lenders  who will lend if you are current landlord.  Some will even lend to first time buyers, but the mortgage amount will be assessed on a residential basis.

Buy to let mortgages are not regulated by the Financial Conduct Authority

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