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Need help with BTL mortgages
theAnarchist
Posts: 55 Forumite
Hi I am looking for BTL mortgages but I am having big problems.
1. I am a first time buyer.
2. I earn under £40,000
3. My property value is under £125,000
Because of this I am being excluded lending.
I have a 30% deposit which is not a small amount!! And I earn £32K.
What can I do?
None of the deals on the market make any sense.
My only other option would be to break the law and get a residential.
It's like the Chicken and Egg.
1. I am a first time buyer.
2. I earn under £40,000
3. My property value is under £125,000
Because of this I am being excluded lending.
I have a 30% deposit which is not a small amount!! And I earn £32K.
What can I do?
None of the deals on the market make any sense.
My only other option would be to break the law and get a residential.
It's like the Chicken and Egg.
0
Comments
-
Your earnings are usually irrelevant for BTL mortgages. You need to show your rental income will be at least 125% of the mortgage repayments.
There's a calculator here.0 -
The buy-to-let get-rich quick any eejit can jump on board bankrupt the country pyramid scheme ship has long since sailed. And thank heavens for that.theAnarchist wrote: »Hi I am looking for BTL mortgages but I am having big problems.
1. I am a first time buyer.
2. I earn under £40,000
3. My property value is under £125,000
Because of this I am being excluded lending.
I have a 30% deposit which is not a small amount!! And I earn £32K.
What can I do?
None of the deals on the market make any sense.
My only other option would be to break the law and get a residential.
It's like the Chicken and Egg.0
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