Navigating the mortgage market can often feel like walking through a maze, especially if you’re coping with bad credit. However, there’s great news in the mortgage world! LendInvest Mortgages has recently rolled out new incentives for their buy-to-let customers. Let’s dive into these new offerings and how they might spark some inspiration and motivation for those of you looking to secure a mortgage — even if your credit score isn’t picture perfect.
## Fresh Perks from LendInvest Mortgages
LendInvest’s latest incentives are catching the attention of many in the property market, and for good reason. With the introduction of up to £350 cashback and a tempting 0.10% off their next mortgage for buy-to-let customers, they are making significant strides in helping landlords manage their finances better. Add in the fact that application and valuation fees are now paid upfront, and suddenly, the process of securing a mortgage doesn’t seem quite as daunting.
### Smart Financial Moves for Landlords
These changes are undoubtedly a brilliant move for landlords. According to Sophie Mitchell-Charman, commercial director at LendInvest, these perks offer immediate financial relief. This allows landlords more leeway in managing their expenses or reinvesting in further property acquisitions. Given how competitive the property market can be, such incentives can spell a lot of savings and flexibility.
## The Value of Mortgage Advice: Your Secret Weapon
While these LendInvest incentives are fantastic, navigating the mortgage world still requires a sharp eye and sometimes, a bit of help from the experts. This is where the importance of seeking professional mortgage advice comes into play. The truth is, having bad credit can complicate things a bit, but it shouldn’t deter you from your property dreams. You might find yourself wondering, **can I get an interest only mortgage** or are there certain types of mortgages that suit my current financial situation better?
A professional advisor can help you understand your options, including **interest only mortgages** and even **interest only in retirement** plans. They’ll guide you through the criteria different lenders use to assess mortgage applications. From your credit history to your income and the property’s value, each factor influences your loan options.
### Tips for Applying for a Mortgage with Bad Credit
Here are a few handy tips to keep in mind when applying for a mortgage, especially if you’re dealing with less-than-perfect credit:
1. **Check Your Credit Score**: Before diving into mortgage applications, understand your current credit status. Correct any errors and be mindful of how your financial behaviour affects your score.
2. **Save for a Larger Deposit**: Lenders often look more favourably on applicants who can offer a larger deposit. This reduces their lending risk and can help you secure better terms.
3. **Steady Employment Record**: Demonstrate stability in your employment. Lenders prefer applicants with a steady and reliable source of income.
4. **Seek Specialized Mortgage Advice**: It’s crucial to get tailored advice. A local search for **mortgage advice near me** can yield experts who understand the UK market intricately and can offer bespoke solutions suited to your circumstances.
5. **Consider Broker Services**: Mortgage brokers have relationships with multiple lenders and can often find deals that aren’t advertised publicly.
### Understanding Mortgage Lender Criteria
Understanding how mortgage lenders assess applicants can feel like cracking a secret code, but it’s nothing you can’t handle with the right information. Generally, lenders are looking at a few key areas:
– **Credit History**: Your credit score and history of managing debt are closely scrutinized.
– **Income and Employment Status**: Consistent income and job stability are green flags.
– **Debt-to-Income Ratio**: Lenders will compare your recurring debt to your income to ensure you can manage additional mortgage payments.
– **Down Payment Size**: A larger down payment often translates to more favourable loan terms.
– **Property Value and Type**: The property itself will be evaluated to ensure it meets the lender’s standards and isn’t too risky an investment.
## In Closing
Securing a mortgage, especially with bad credit, can be challenging but it’s far from impossible. With the right advice, tailored strategies, and now with enticing incentives like those from LendInvest Mortgages, you can navigate your way to a successful property investment. Tap into local mortgage advice resources and stay informed about the mortgage market. Who knows? Your perfect mortgage, and dream property, may be closer than you think!
