Buy to let

Dollytrollop

Who is offering the best deal at the moment for a buy to let mortgage?

I am just about to venture I think in purchasing a property for my future but not live in it.

Thanks:beer:

_Andy_

No information to go on - what is the purchase price, how much deposit do you have, what is the rental income going to be? Do you have any adverse credit?
Also you haven't mentioned whether you're after a fixed or tracker etc.

Dollytrollop

Sorry Andy,

The property is re-possessed so I might go in with a knee jerking offer of £80,000 from its £109,00.

No deposit, or as little as possible and a 10 year mortgage span.

Probably rent it for £400 a month.

Hope it helps

No adverse credit

_Andy_

Not going to happen with no deposit.

bumpoowee

No bank with any sense will lend to you on those terms.

Gorgeous_George

bumpoowee wrote: »

No bank with any sense will lend to you on those terms.

:rotfl:

A bank with sense? Don't make I laugh!

GG

real1314

Dollytrollop wrote: »

Sorry Andy,

The property is re-possessed so I might go in with a knee jerking offer of £80,000 from its £109,00.

No deposit, or as little as possible and a 10 year mortgage span.

Probably rent it for £400 a month.

Hope it helps

No adverse credit

You need at least 25% deposit plus buying fees, and watch for tracker rates - they look good when the BoE rate is low, but if they hit5%, what would you be looking at then?

£400pcm on £80k was just about ok, but that was when deals were tracking just over BoE rates rather than 3% (haven't checked, just a guess) over.

In addition to 25% deposit I'd also suggest you'd need about £5k reserve funds for voids, repairs and legal costs if things go awry.

beecher

Just make sure you don't buy the property without sorting out a mortgage first. So if you don't have a deposit of £20,000, don't bid on the house.

rammster

your numbers wont work on a 10yr mortgage span as that is a rather unusual mortgage and will lead to high repayments.
no deposit wont work either
are u saying u want to fix it for 10 yrs
for best buy to let league tables visit property hawk