Case Studies

Buy to let mortgage with a bad credit history

We take a more human approach to underwriting, to build a truer picture and reach a fairer outcome. We design products that are easy to understand and simple to place. We strive to make each interaction you have with us easier than the one before. And we share valuable insight and expertise that give you an edge and build your reputation.

That’s why you’ll always find us with our doors and our minds wide open. Ready to challenge convention, read between the lines and see the story behind the numbers. We will find a place for your case with a path to success for your client and your business.

Business owner Tony, wanted to remortgage his Buy to Let property in order to invest in additional properties

Our underwriter was able to quickly understand the issues and process an offer

High street lenders had issues with his income

Previous missed payments meant he had a blip on his credit record

Issues

Tony’s previous missed payments several years ago meant that he has a minor blip on his credit record. Although he was now up to date with his payments.

He paid himself a salary as an employee of his limited company, but also received dividends as the owner of the business. This combination of salary and dividends caused issues for some lenders.

Solutions

Tony’s mortgage application was packaged by Curtis Jay at the Buy to Let Club. He explains:

“In many ways, this was a very straightforward application, but the issues with the historical credit blip, the missed salary and dividend payments meant that for many lenders, Tony’s application was not acceptable.

I spoke to Pepper Money and their underwriter was able to quickly understand the issues and proceed to an offer.

Tony was offered an 80% LTV 2 Year Fixed Rate mortgage and the deal is now in the process of completing.”

Curtis Jay at the Buy to Let Club

“It doesn’t matter if an application is for a Buy to Let investment property or for a standard residential mortgage: the deal still needs to be a comfortable fit for a lender. Anomalies, such as minor historical credit blips and an income that doesn’t conform to the norm can be enough to turn an accept in to a decline. With a specialist lender that manually underwrites cases, this deal went through to complete successfully.”

Information

First Charge Service Levels

Intermediary - First Charge

Working on DIP referrals received on:

27th June

Responding to application portal broker messages on:

27th June

Reviewing applications sent to our underwriters on:

27th June

Working on applications received on:

27th June

Currently reviewing valuations received on:

27th June

Answering calls in less than (average speed):

< 1 Minutes
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