Buy to let mortage - condition of property

kaysmith87

Hi

My partner currently has 2 buy to let propertys, we have recently been looking at a third property which would require a 60% Ltv mortage.

The only thing is the property needs some cosmetic work, i.e wall paper falling off the walls, new carpert and garden needs doing. Everything is technicly functional, it has been let up until a few months ago ( i have no idea however who would rent it in its curent decrative state!)

I have heard stories about mortage lenders putting full retention on buy to let mortages if they are not imediatly habitable. Does anyone know any more about this? The work should take no more than a few weeks to do however he does not have the fluid cash to make an outright purchase for this one.

The property is £200K rental of similar properties are £950 + pcm.
Property in good dectrative oreder and very similar in the same road is currntly up for £260K.

Thanks in advance

herbiesjp

Cosmetic stuff will affect rental potential only slightly, if at all.

A full retention will not be slapped on the property because of wall paper falling down - uninhabitable would mean no services attached to the property i.e. no gas, electric or water, no kitchen or bathroom in place

60% LTV is good, which will mean having access to the better rates as long as the rental income can support that mortgage amount