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Mortgages & buy to let
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Posts: 1 Newbie
based on first time buyer.
Where do I start.
Thanks in advance.
Where do I start.
Thanks in advance.
0
Comments
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You'll need a fairly good deposit and as a first time buyer some lenders don't want you. Good deposit is likely to be in the region of 15% or 20% with some lenders.
I think it would be worthwhile getting a broker to look at this for you, the "first time buyer" / Buy to lt dilema will block a few of the normal options. Lenders will think, because they are cynics that you are going to live in the house yourself, rather than rent it out and by pretending it's a buy to let you are getting more money than you ordinarily would have done.0 -
I didn't think you could get a buy-to-let mortgage without being a home owner. A friend tried to do it and ended up living in the property for a few months then asking for permission to let it.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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Best place to start would be a whole of market mortgage adviser and discuss what you are looking to doI 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
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silvercar wrote:I didn't think you could get a buy-to-let mortgage without being a home owner. A friend tried to do it and ended up living in the property for a few months then asking for permission to let it.
Agreed. When i was looking into this earlier this year, i found most lenders require you to own you own home as a condition of giving you a BTL mortgage on another property. Not saying you have to own it outright though - mortgaged is fine.
Next question would be "why do you want to do this?"Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0
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