Mortgage Advice Needed

lkp45

OK - we've currently looking at buying a second house for £200,000 and will be porting our current mortgage over to it.

However, we've decided not to sell our current house and need a buy-to-Let mortgage that's not too extortionate. We need about £123,000 and the house (hopefully) is would 160-165k. Hopefully we have a tenant pretty much ready to go.

My job is ok around 18k and my husband has contracted for the last 3 or more years and brings home abour 45k.

Question is: are we being pretty mad to be doing this in the current climate? Will anyone lend to us and can anyone suggest reasonable deals out there?

Many thanks

Conrad

How much is the rent?

Is the valuation of £160k completely up to date to reflect the fact no one is buying and lending is 95% down? Comparisons with property even 2 months ago can be misleading.

herbiesjp

BTLs have become very hard to get agreed on the basis of the rental coverage needed.

Over 75% LTV will make the rate available higher and therefore the rental calculationa that much tighter to meet. Do you know how much rent you would get each month from your tenant?

Also, has your existing lender agreed to the porting - have they fully underwritten your application?