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Help......need to find a lender!
mshelsbels
Posts: 739 Forumite
Hi,
Wondered if anyone can help me. I'm a first time buyer, buying a property worth £135,000 to have as a holiday cottage to rent out. My salary is £40k and I'm looking to be able to rent it out asap, because I need to get some money back! (I live in rented accommodation)
I think a fixed term mortgage looks to be the best thing - 25 year mortgage perhaps?
Any tips would be greatly appreciated....
Regards,
Hels
Wondered if anyone can help me. I'm a first time buyer, buying a property worth £135,000 to have as a holiday cottage to rent out. My salary is £40k and I'm looking to be able to rent it out asap, because I need to get some money back! (I live in rented accommodation)
I think a fixed term mortgage looks to be the best thing - 25 year mortgage perhaps?
Any tips would be greatly appreciated....
Regards,
Hels
Women marry men hoping they will change, men marry women hoping they won't! Inevitably they will both be disappointed.
Albert Einstein
:smileyhea
0
Comments
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Firstly what deposit can you put down, as you cant get a 100% on a BTL.
25 year mortgage is the standard, but you dont think you can fix for that period do you, longest fix at the mo' is 10yrs IIRC, and that's on a residential mortgage.
I think you need to seriously think, and get professional advice, if you see BTL as a get-rich quick scheme in the current climate.0 -
Is this a holiday let as opposed to a normal BTL scenario?
If so, there are only a handful of lenders that could look at this for you. If it is a normal BTL then you will have the pick of the market.
The main points to consider here for you are, the deposit you have available and what rental income you expect.I am a Mortgage AdviserYou 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.0 -
This IS a holiday let rather than a normal BTL scenario. I've had a chat with 2 separate mortgage advisors, and I didnt realise it's much harder to get a holiday let mortgage! We were thinking of putting down a £5,000 deposit, but apparently it would need to be nearer a 15% deposit?
If anyone knows of a 'holiday buy to let' lender or any other advice, I'd greatly appreciate it!
HelsWomen marry men hoping they will change, men marry women hoping they won't! Inevitably they will both be disappointed.Albert Einstein:smileyhea0 -
I think you may have a problem finding a lender prepared to give you money for a BTL or holiday let without being a homeowner yourself.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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