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BTL Mortgages - where do I start!
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Financial_Savvy
Posts: 385 Forumite
Where do I start to look at Buy To Let mortgates?!
Are they interest only or repayment?
Is the BTL market still one to get in? Seems house prices are going to go up and up and I want to be on the band waggon.:T
Where can I go for more BTL info? Any good websites?
Thanks:beer:
Are they interest only or repayment?
Is the BTL market still one to get in?
Seems house prices are going to go up and up and I want to be on the band waggon.:TWhere can I go for more BTL info? Any good websites?
Thanks:beer:
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Comments
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Your BTL queries may be best being asked on the house buying, renting, selling, house prices section of this forum as I know there are a few landlords that frequent there.
With regards to the financial side of it, yes you are in the right place. You normally need a min of 15% for your deposit but if you have more the better. To get a BTL mortgage without using your income as an affordability yard stick, you need to be able to cover the mortgage through the rental income derived from the property. You may be asked that the rent cover the mortgage payment by a further 15-25%.
You can look at best buy tables to look at what products are about but I would strongly recommend using a broker as they will ensure that you get the best product available for your specific needs.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 -
>> Where do I start to look at Buy To Let mortgates?!
Do a search for Buy To Let mortgates
>> Are they interest only or repayment
It's up to you - often people take out interest only for tax reasons but you need to make your own decision.
>> Is the BTL market still one to get in
Again your decision - it's a lot more difficult now to get a positive cash flow.
>> Seems house prices are going to go up and up
I seem to have heard that before - remember the term "negative equity"? Again your decision.
Not true that you need 15% of the price. You can get 100%+ mortgages but it means structuring the deal properly - probabl;y not the thing a ftb could get away with.
Think you should do a lot more research.
>> Where can I go for more BTL info? Any good websites?
Try searching for buy to let landlord.0 -
nrsql wrote:>>
Not true that you need 15% of the price. You can get 100%+ mortgages but it means structuring the deal properly - probabl;y not the thing a ftb could get away with.
I would like to know about a 100% ltv buy to let product...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 -
homer_j wrote:I would like to know about a 100% ltv buy to let product...
Me too!!!!Debt at highest (November 2005) = £35,856
Debt currently (August 2006) = £20,790
&More £1,530, Egg £6,800, HSBC £3,760, Egg Loan £8,700
Interim goal = £23,400 (Target: February 2006, Missed but acheived May 2006)
2nd Interim Goal = £15,000, Target October 2006
Debt Free Date = February 2008 BUT I'M GOING TO BE TRYING FOR SOONER!!!
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