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looking for 'Buy to let' mortgage
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christopher_h
Posts: 255 Forumite
Hi,
My partner and I are looking for a 'Buy to let' joint mortgage and would appreciate any good advice/suggestions.
I am self employed with over 5 years of certified accounts with earning on average of 20k per year. My partner is employed but with a lower salary 12k per year.
I have been told that 'buy to let' lenders are more interested in the rent per month covering 110% - 130% of the mortgage repayments rather than our actual salaries.
We both have good credit scores.
Amount to borrow: 125,000.
Length 25 years
Deposit 15% = 18.750
Projected rental income: 650. pm (this is equal to 130% based on 4.89% interest rate.
I am 47 years old and my partner is 42 years old - is this a problem for a buy to let' mortgage ?
Just over 12 years ago in June 1994, my flat that I was buying that I lived in was repossesed by Cheltenham & Gloucester - will that be a problem ? Should I declare it ? I've been told that after 12 years it get's wiped off the systems ?
We don't want to limit our choices by declaring any negative info if they don't need to know.
In anticiaption.
Chris
My partner and I are looking for a 'Buy to let' joint mortgage and would appreciate any good advice/suggestions.
I am self employed with over 5 years of certified accounts with earning on average of 20k per year. My partner is employed but with a lower salary 12k per year.
I have been told that 'buy to let' lenders are more interested in the rent per month covering 110% - 130% of the mortgage repayments rather than our actual salaries.
We both have good credit scores.
Amount to borrow: 125,000.
Length 25 years
Deposit 15% = 18.750
Projected rental income: 650. pm (this is equal to 130% based on 4.89% interest rate.
I am 47 years old and my partner is 42 years old - is this a problem for a buy to let' mortgage ?
Just over 12 years ago in June 1994, my flat that I was buying that I lived in was repossesed by Cheltenham & Gloucester - will that be a problem ? Should I declare it ? I've been told that after 12 years it get's wiped off the systems ?
We don't want to limit our choices by declaring any negative info if they don't need to know.
In anticiaption.
Chris
you know when you're getting older - the wife says, "let's go upstairs and make love" and you reply, "I can't do both" !!
0
Comments
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Hello Chris
Your age is no object on a buy to let mortgage, but you will have to declare you had a property reposessed as it can be traced by the lender. This will have a minimal impact on your buy to let application now as it was such a long time ago.I am a Mortgage Adviser
You 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 -
I know this doesn't help you out, but where are you getting a rate of 4.89%?*curious*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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it might not be the rate of the mortgage, but the rate the lender uses to calculate rental income, i.e. 130% of the mortgage IF the rate was 4.98% rather perhaps than what is more likely the current rate, around 5.40%I am a Mortgage Adviser
You 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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