Mortgage adviser in Northampton??

minisaver

Hi all,

I'm looking for a good independent mortgage adviser in Northamptonshire. Can anybody recommend one?

Thanks in advance.

Minisaver

Da_Man_2

Hi Minisaver,

I can recomend an independent financial adviser who is based in Milton Keynes. He has a number of clients in Northamptonshire and travels there regularly. What do you need?

Regards

Da Man

minisaver

Hi there,

I am looking for advice about about buying a second property, as I currently have a house on a residential mortgage that I rent out. I am looking for advice on how much I can borrow and deposit etc.

Thanks in advance!

Da_Man_2

Hi Minisaver,

The rules on loans for investment properties do differ so please treat this as a guide only. The most appropriate mortgage is often a Buy to Let mortgage (BTL) although your individual circumstances should be assessed first before you make this decision. You will often need to provide a 15% deposit for this type of loan. There are lenders that will lend over 85% Loan to Value (LTV), some go up to 90% however the interest rates or arrangement fees for these tend to higher, similarly lenders do offer loans at a lower maximum perhaps 75%, often the rates at this level can be more attractive. There is also normally a second criteria the lender uses to calculate your maximum loan. Unlike your main residential mortgage where the lender uses your individual income to calculate the max amount of money you can borrow, with a Buy to Let they rely on the income that the property generates (the rent). Criteria changes from lender to lender but a rule of thumb is normally - the monthly rent must be 125% of the monthly interest only mortgage pay rate. This multiplier rule can vary hugely between different companies some only require a 100% multilpier where others can ask for the rent to be 130% or more of the monthly interest only cost. It can sound like a bit confusing, get a good broker and he'll not only arrange the most appropriate loan but if you need it he should be able to give you decent advice in other areas of being an investment landlord. Good luck

MortgageMamma

nearest one i know is hertfordshire but he charges fees

AndrewSmith

MortgageMamma wrote:

nearest one i know is hertfordshire but he charges fees

It would only be a quick run up the M40 for the one you are thinking of. His name sprang to my mind also.

Andy

MortgageMamma

He'd do a lot better if he dropped the fee's but some people are just set in their ways! He would probably discount the fee's if the client went to him...