btl mortgage with a dmp possible ?

[blackcat]

Hi,

before the recession I had a good credit score, and I have a terrace property that is let professionally.

Since November last year, due to a change of job my income and then my credit score suffered.

I retrained, found another part time job which has recently become fulltime.

My question is, before this happened , I was hoping to get another btl property.

But now I have little spare cash, and I cannot get the equity out of my property

on a remortgage or a 2nd charge due to my credit score 560 and 620 w credit ref agencies.

I have realised that if I enter a debt management plan,

I could save a small deposit, of 7.500 over the next 6 months, by working full time.

But if I am on a dmp, after 6 months or 1 year, if It is well maintained, could I get a btl mortgage?

I have read that people can get a residential mortgage after 6 mnths or 1 year with a dmp.

And yes, I know now madness to get into so much debt..and never ever again.

[Mortitia]

I don't think BTL is right for you at this time - just a personal opinion.

[Melboy]

Nor do I think BTL is right for you.

[snorkerz]

Try Aldermore -just re-entering the slightly-less-than-perfect-credit-score market.

[Mark Warren]

As a property investor, mortgage broker and now developer I would avoid ANY debt managament plan unless a last resort. Adverse credit is a NIGHTMARE to place in the current mortgage market...I recently had a case where a guy came out of bankruptcy EIGHT years ago..has a high credit score, good job, £60k deposit and wanted to buy a house with his new partner (excellent credit score) It took me an age to get it placed. On Buy to let few of the lenders are interested.

However why not take the experiences you have gained and use them to help you out...we are seeing a large number of buy to let owners trying to increase their portfolios but falling foul of stricter lender critera..so some are pooling their resources and others forming partnerships.

They are not buying straight forward property but things that can be improved and we use bridging finanace to secure the property and by diluting down the effect of the adverse credit still getting them mortgages.

There are some legal issues that need to be covered and you need to have a good solicitor and accountant on board but 50% profit is better than 0% profit!