Is it only your mum who thinks your perfect? I know Iโm not perfect, and mistakes often happen.ย Itโs dead easy to miss a...
Is it only your mum who thinks your perfect?
I know Iโm not perfect, and mistakes often happen. Itโs dead easy to miss a card payment or forget about a utility bill, the problem being that your credit file never forgets!
The reason why property can be so profitable is you can leverage your money easily. Using leverage, you can buy a house and only use 25% of your money, with the rest being borrowed from a bank. This means you can purchase millions of pounds of property while only needing money for the deposits. Once you start building a portfolio and remortgaging against higher property values, you can even buy houses from 100% mortgage debt.
Leverage multiplies your gains. If you buy a house for ยฃ100k, using a ยฃ25k deposit and it doubles in value, your ยฃ25k is now worth ยฃ125k, meaning youโve earned 400% on your original investment.
Thatโs great, but to take advantage, you need a mortgage which involves checking your credit file. So I thought Iโd do a video with Gary, our mortgage expert, to let you know:
- How to build your credit score
- What things will affect your credit score
- Can you get a mortgage with a low credit score?
- Can you get a BTL mortgage with defaults, county court judgements, arrears and missed/late payments?
- Tips and tricks to improve your credit score
See below๐
As you can see, if your credit isnโt perfect, there are lots of ways you to improve it or even look at different lenders who are more flexible. Having a blip isnโt the end of the world; it just means you need to do something to correct it or look elsewhere.
So donโt let a tiny mistake prevent you from reaching your goal, whatever it is?
Financial Freedom? Retirement? Even a nice holiday each yearโฆ
Itโs our job to provide you with expert advice to maximise your wealth from property; to provide a better life for you and your family while being fair to tenants.
PS โ If youโre looking for a great mortgage deal, see some of the rates below:
95% LTV โ from 3.35%
90% LTV โ from 2.29%
85% LTV โ from 1.82%
80% LTV โ from 1.49%
75% LTV โ from 1.07%
65% LTV โ from 1%
For any sales, lettings or refurb help, contact us today.
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