buy to let mortgage - minimum deposit expected?

sandford6016

This is a recognised practice nowadays. 2 independant financial advisors and 1 other source have all informed me of this. I checked it with Northern Rock and C&G and they have no problem at all. Just trying to help to original poster out!

socrates

sandford6016 wrote: »

This is a recognised practice nowadays. 2 independant financial advisors and 1 other source have all informed me of this. I checked it with Northern Rock and C&G and they have no problem at all. Just trying to help to original poster out!

So there is no need for anyone to apply for a BTL mortgage any more. As this is the way forward?

Is that what you are saying?

socrates

C&G you say?

http://forums.moneysavingexpert.com/showthread.html?t=1635117

silvercar

I agree with socrates, to apply for a mortgage with the intention of letting the property, rather than living in it, is mortgage fraud, applying for money by deception....

Totally different from a situation where someone moves out of their home and rents it out. This latter case may be a breach of your mortgage terms and conditions but the money was obtained honestly so there is no question of fraud.

socrates

silvercar wrote: »

I agree with socrates, to apply for a mortgage with the intention of letting the property, rather than living in it, is mortgage fraud, applying for money by deception....

Totally different from a situation where someone moves out of their home and rents it out. This latter case may be a breach of your mortgage terms and conditions but the money was obtained honestly so there is no question of fraud.

I think he is busy searching the internet to prove his point - or perhaps his financial advisers are due on to tell us how its done.

People like this really annoy me - he has probably done it himself but the fact is if he is with NR - he is paying over the odds anyway - compared to someone who took out a BTL Tracker.

sandford6016

Sorry 'Suckrates' I actually don't have all the tmie in the world to live on here and put people down! If you want I can give you the number of my financial advisor that can talk you through these things as you obviously don't really get that some people know things that you don't, hard isn't it! At the end of the day, as with most people on this forum, I post to provide helpful input to people's threads, not to judge and deny everything! It's up to the original poster whether they want to take up peoples advice or not, so your opinin really doesn't make any difference to me!

socrates

sandford6016 wrote: »

Sorry 'Suckrates' I actually don't have all the tmie in the world to live on here and put people down! If you want I can give you the number of my financial advisor that can talk you through these things as you obviously don't really get that some people know things that you don't, hard isn't it! At the end of the day, as with most people on this forum, I post to provide helpful input to people's threads, not to judge and deny everything! It's up to the original poster whether they want to take up peoples advice or not, so your opinin really doesn't make any difference to me!

Yes - I would be very happy to have your advisers details - I can then pass them on to the relevant authorities.

I have been in the BTL industry for 20 years or so - and I have seen it all.

However in the current financial climate you will stand little or no chance of this happening.

One important thing to remember is that it is the individual who signs the mortgage application - not the Mortgage Broker - so the fraud (which it is) is committed by the individual.

As for the name calling ......

scottn

please please please get a proper BTL mortgage (and go through a normal application process where LTV and rental income will be considered by the mortgage provider).

Kavanne

You can apply for consent to let but the lender doesn't have to give it

sandford6016

Thanks Kavanne! If you don't ask you don't get!