How To Boost Your Chances Of Securing Finance
The property market right now is at the hottest and most competitive it may ever have been.
According to property portal Rightmove, the average price of property coming to the market has increased by over £6000 in a month, reaching an all-time high on the back of rampant buyer demand.
Because of this, not only are people looking to relocate or get onto the property ladder for the first time but also potentially enter the competitive buy-to-let property market.
If you are considering supplementing your income with rent from a second or third property, here are some tips to boost your chances of securing the property finance you need.
Keep Your Credit Rating Clean
Much like with an initial mortgage, a property financier will be looking for people who can be relied upon to make payments on time.
Boosting your credit score by making all of your repayments and avoiding CCJs and missed mortgage payments will help to boost the finance products on offer to you.
Know What A Bank Is Looking For
A lender is likely to be looking at different criteria depending on what type of buyer you are, which will change the offers you are likely to get.
For example, there are different products available for landlords with less than four properties compared to ‘portfolio landlords’.
The reason for this is that portfolio landlords must know the circumstances of the rest of the portfolio to reduce the risk of a potential default.
This often requires portfolio landlords (or collectives who own more than four properties between them to have more experience at running their housing portfolio to ensure they know what they are getting into.