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Btl Mortgage

jingle68
jingle68 Posts: 154 Forumite
in Mortgages & endowments
Who is offering the best BTL mortgage at the moment, based on a LTV of more than 75%?

thank you for any help.
chaps £20k out KE 06/10 in A&L 06/10 same day

Comments

  • Wutang_2
    Wutang_2 Posts: 2,513 Forumite
    you will need to ask a WOM (free??) adviser as there just isnt enough info to make any recommendation

    Just because a pair of shoes are cheap - they still need to be the right size (just thought of that)
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • dunstonh
    dunstonh Posts: 120,415 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    One of the biggest problems with going above 75% LTV is finding a rental yield that exceeds the monthly payments. Rental yields above 5% are hard to find nowadays so you may find that even if a lender above 75% if available, it will be no use to you if the rental yield is too low.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    You'd need to post figures:

    Property value
    Mortgage amount
    Expected rental income

    Is this for a new purchase or re-mortgage?

    At higher LTVs current rental calculations are getting hard to work out
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • jingle68
    jingle68 Posts: 154 Forumite
    property value 115,000
    mortgage 70,000
    rental 495pcm
    its a re mortgage as im nearing the end of my 2yr deal.

    thank you
    chaps £20k out KE 06/10 in A&L 06/10 same day
  • Trollfever
    Trollfever Posts: 2,051 Forumite
    Gross yield before interest and other costs 5.16%

    Why bother?
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    At that LTV you coul look at deals from around 5.59% upwards all with varying fees
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • longwalks1
    longwalks1 Posts: 3,834 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    sorry to hijack but saw a couple of you posters could answer the same question for me:

    property value: £150k

    mortgage amount: £105k

    rental pcm: £700

    many thanks in advance
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    herbiesjp wrote: »
    At that LTV you coul look at deals from around 5.59% upwards all with varying fees


    Same response wouldapply BB

    All depends on whether the rental calculation stacks up though - things are very tight in the BTL criteria market at the moment - although some lenders seem to be dropping some rates
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • luckyfool
    luckyfool Posts: 1,683 Forumite
    jingle68 wrote: »
    property value 115,000
    mortgage 70,000
    rental 495pcm
    its a re mortgage as im nearing the end of my 2yr deal.

    thank you

    Thats 61%, not above 75%.

    Who is your current lender?
  • jingle68
    jingle68 Posts: 154 Forumite
    TrollfeverGross yield before interest and other costs 5.16%

    Why bother?

    because it seemed a good idea at the time,unless you have any good advice or want to buy my property please butt out!
    Thats 61%, not above 75%.

    Who is your current lender?



    current lender is abbey, fixed at 5.69%, current outstanding mortgage is 90k but im going to pay off 20k when i find/apply to the most competative lender.
    chaps £20k out KE 06/10 in A&L 06/10 same day
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