I am looking to remortgage a BTL on my own name to raise funds for another property I have been offered and so need to raise funds asap.
Current mortgage is £147k with a value of £380k. I am looking to re-mortgage to about £200k. Looking at the rates I am fully covered as the new repayment will be about 69% of the rent. All fine so far.
Now the problem is my credit rating is just fair. I have about 3 searches for a credit card, 1 bank account and 1 mobile contract, all from May 2012. Since then I have had no searches but my credit card debt is about £25,000.
Now the question is do brokers/lenders look at personal debt when lending on a BTL property?
Current mortgage is £147k with a value of £380k. I am looking to re-mortgage to about £200k. Looking at the rates I am fully covered as the new repayment will be about 69% of the rent. All fine so far.
Now the problem is my credit rating is just fair. I have about 3 searches for a credit card, 1 bank account and 1 mobile contract, all from May 2012. Since then I have had no searches but my credit card debt is about £25,000.
Now the question is do brokers/lenders look at personal debt when lending on a BTL property?