95% mortage, 2nd property?

cushde

Hey

Basically as the title says. I have found some perfect investment properties and want to take advantage of them while they are still well priced. I currently have a house with my family valued at around 100k and would need to get a 2nd mortage, the properties are at around 45-50k each and i have around 5-7% deposit, what are the chances of my secureing a second mortgage to invest?

I have never missed a payment on my current mortage for around 3 years and my credit history is "fair"

Edit** My combined income is around 26k per year.

Any advise would be great..
Thanks

Cannon_Fodder

A BTL mortgage is likely to need 25% deposit. And rent equal to 125% of the mortgage. And a several thousand £ fee.

happybroker

cushde wrote: »

Hey

Basically as the title says. I have found some perfect investment properties and want to take advantage of them while they are still well priced. I currently have a house with my family valued at around 100k and would need to get a 2nd mortage, the properties are at around 45-50k each and i have around 5-7% deposit, what are the chances of my secureing a second mortgage to invest?

I have never missed a payment on my current mortage for around 3 years and my credit history is "fair"

Edit** My combined income is around 26k per year.

Any advise would be great..
Thanks

Do you have a mortgage on your own home?

You will need to raise larger deposits, at least 25% as per above. If it's new you're buying then more.

cushde

Yes, our mortage is for 88k on our current home. Is 25% deposit the standard? or is it possible to get a 95% anywhere?

happybroker

25% is the minimum and no it's not possible to get a 95% mortgage for an investment property, it's not even possible for your own home in the main.

Unfortunately it looks like this investment isn't for you as you wouldn't be able to raise anymoney against your own place to boost your desposit.

Sorry