Buy to Let Mortgages

theartfullodger

You don't put in a hefty deposit because you can't afford two mortgages.

Nah, with Buy2let mortgage it ain't your Salary that is the issue (usually... ) but the rental income etc.. - eg I have "salary" of some £22k but mortgages (3 off) of over £300k... or did I misunderstand the question???

Cheers!

Lodger

Bermuda_John

some mortgages do take into account the salary of the mortgage holder, especially if they are a first time buyer

BM are the most reasonable at the moment but you will need 75% and the arrangement fee is typically 2%-3% of the loan.

here is an example

Your Details Purchase price £100,000 Deposit £25,000 Loan Required £75,000 LTV 75% Rental Income £550


Details Lender Initial Rate Type Term Lender Fee Fee Type ERC Incent Max LTV Total Advance Monthly Payment Max Loan Rental Surplus
Birmingham Midshires 4.35% Tracker 1 Year £2,250 3.00% Yes No 75% £77,250 £280 £75,000 £210
Birmingham Midshires 4.7% Tracker 2 Year £2,250 3.00% Yes No 75% £77,250 £303 £75,000 £183
Cheltenham & Gloucester 4.99% Tracker 31/01/2013 £1,875 2.50% Yes No 75% £76,875 £320 £75,000 £50
Birmingham Midshires 5.4% Tracker 2 Year £1,125 1.50% Yes No 75% £76,125 £343 £75,000 £128
Birmingham Midshires 5.4% Fixed 01/12/2011 £1,875 2.50% Yes No 75% £76,875 £346 £75,000 £128


Cheers

John

Bermuda_John

the table didnt copy properly

Sarny

Dont BM have a minimum personal salary?