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Buy to Let
MATTHEW124
Posts: 6 Forumite
Does any one know where or if I could get a 95% or 90% LTV Buy to Let mortgage
0
Comments
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I sincerely doubt it. In purchasing my flat, I discussed possibility of turning it into a BTL in the future, and currently the mortgages are a max of 75% LTV.Emergency savings: 4600
0% Credit card: 1965.000 -
No:Does any one know where or if I could get a 95% or 90% LTV Buy to Let mortgage
As said, assume 75% at best: And if you are that short of funds..
ONLY rent if you can cope with the financial & emotional agrro of the "Tenant from hell" who you can't get out for 9 months whilst you keep paying the mortgage etc./ etc... and legal fees (to get him out) and then he 'phones you saturday 10:22 pm "Toilet's bust wodja gonna do..." "Sorry to hear that dear sir, when did this start" "Wodja goona do... wodja gonna do - dunno 3-4 weeks maybe,.,.. wossat gorra do 'wiv it??" "OK, I'll get my man to call you Monday 1st thing..." "Nah, you gorra fix it nah..>""""
(PS Yes, you have a legal requirement to fix the gentleman's toilet, notwithstanding his not having paid you for 7 months,.....")
If you are not sure you can cope, find another business to go into...
And remember that your current lender may up the interest rate/charge fees as you will be letting..
& there are many other costs incurred when renting: And do your numbers only assuming you can rent for 10 or each 12 months....
(Apologies to other readers for posting this advice yet again...)
Cheers!
Lodger0 -
i was talking to my mortgage broker who was saying 85% is possible. I find it hard to believe but they apparently have an exclusive on an 85% BTL product. I have checked it properly though, it was just in a passing conversation. 90%+ is impossible.0
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