best buy to let mortgage??

rent_and_buy

Need a buy to let mortgage for 105000 pound going to rent my current property out and buy another, my current property is worth about 150000 pound.

anyone got any good deals for me to try and get?

KKevin_2

I think the best ones kicking about are Halifax and Birmingham Midshire,

which is a 25% deposit, at a rate of just over 5.5% fixed for 2 years with about £1k arrangement fee or a percentage

unite79

This is not as straight forward as you think anymore, More and more lenders will not allow you to use the equity in your house as a form of deposit on your new purchase, also its worth noting that many new lenders will treat the new purchase and old mortgage as one, in terms of affordability - I would suggest the need to see a specialist whole of market broker to aid you -

But Ill probably get shot down, cause most on here think this will be simple, i can assure you it is not anymore.

rent_and_buy

ive seen a deal at loyds for 5.29% 3 year btl 75% deposit, this is our first property ive looked at the criteria and we should get it quite easy.

Im going to apply and see what they say?

the mortgage payments will be 467 pound and our rental income should be 650 pound so we are hoping it will be self sufficeint. we will just save the extra, for if anything needs doing.

socrates

rent_and_buy wrote: »

ive seen a deal at loyds for 5.29% 3 year btl 75% deposit, this is our first property ive looked at the criteria and we should get it quite easy.

Im going to apply and see what they say?

the mortgage payments will be 467 pound and our rental income should be 650 pound so we are hoping it will be self sufficeint. we will just save the extra, for if anything needs doing.

What is the yield on the property?

rent_and_buy

Ive had the mortgage accepted, mortgage payments 465, but im having 55000 pound out of that to put towards our new home.

They told us 700 pound for the rent and they are short of properties in the area, so hopefully it should be rented quite quickly.

We are not doing it to make make money, we are doing it so we can move, as long as the property is self sufficeient, with a over 100 pound a month in profit, which we will stick in a savings acount, for a rainy day.

I mean the house only will owe us 50,000 pound and its served its purpose of enabling us to move on as well has keep it has a investment.