The Mortgage Cafe

Bad Credit Mortgages – For Applicants with Poor Credit or Low Credit Score

HMO Mortgages Suitable for Applicants with Bad Credit

We have a range of HMO lenders who can accommodate varying levels of previous credit history problems, or a low credit score. Some of these lenders do not perform credit scoring at all. Lending is theoretically possible up to 85% LTV, but lenders will credit score applications above 75% LTV and it tends to be more difficult to pass credit scoring the higher the loan-to-value (LTV).

Situational Profile

Mortgages are available for applicants with a poor, or an adverse credit history looking to buy or remortgage an HMO property, or raise capital. Loans for purchase or remortgage and capital raising is allowed

  • Mortgage products for all types of multi-let property
  • Adverse credit (ie. CCJs, defaults, missed payments etc)
  • Adverse credit
  • Low credit score
  • Property Purchase
  • Remortgage capital raising

Applicant Profile

Applicants should be homeowners and be able to demonstrate a reasonable level of personal income with an explanation of previous credit problems. Non-Status lending available with no proof of income.

  • UK Passport or UK driving licence for ID
  • Evidence of deposit funds (bank statement)
  • Options for applicants who cannot prove income
  • Previous credit problems accepted
  • Applicants can be employed, self employed or retired

Types of Property

Properties with any number of letting rooms are acceptable. Properties with more than 1x kitchen and multiple kitchens are acceptable. Tenants can have individual tenancy agreements, or sign jointly to 1x AST. Blocks of flats all in one freehold title are acceptable

  • Property in England, Scotland & Wales
  • Houses of Multiple Occupation (HMO)
  • Blocks of flats in one freehold title
  • Multiple Kitchens accepted
  • Any number of letting rooms considered

General Lending Criteria

Mortgages are available for purchase, or remortgage up to 85% of purchase price, or property value. Some mortgages with no early repayment charge (ERC).

  • Purchases or remortgage
  • Interest only or capital + interest repayment
  • Properties located in England, Scotland & Wales accepted
  • Up to 85% LTV
  • Options for No Early Repayment Charge (ERC)

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