Buy to let mortgage...

cybermoney

I am thinking about obtaining a buy to let mortgage.

I have seen a property for £250,000.

What sort of deposit would I be looking at to obtain this?

_Andy_

at least 25% I believe. How much deposit do you actually have?

cybermoney

Around £19K in savings.

I thought 25% was the lower end going rate at the moment. Looks like I'll be saving for a while : (

SimbaSimon

cybermoney wrote: »

Around £19K in savings.

I thought 25% was the lower end going rate at the moment. Looks like I'll be saving for a while : (

Buy to let has a higher risk to it, therefore lenders require a higher deposit, usually 25% or more.

brit1234

cybermoney wrote: »

I am thinking about obtaining a buy to let mortgage.

I have seen a property for £250,000.

What sort of deposit would I be looking at to obtain this?

So you will need a deposite of £62,500.

Be thankfull you can not afford as prices about to tank

herbiesjp

It could even be more than 25%, if the rental income figures do not stack up as well.

getmore4less

what do these £250k properties get in rent.

cybermoney

brit1234 wrote: »

So you will need a deposite of £62,500.

Be thankfull you can not afford as prices about to tank

What do you mean, tank?

brit1234

cybermoney wrote: »

What do you mean, tank?

Prices have started to stall and fall. Economic fundamentals mean they are going to fall in value considerably.

Remember properties are for many to expensive with interest rates at 0.5%. Cameroon wants rates up, even if the BOE doesn't do that lenders are already putting rates up them selves and will continue to as the funding runs out in 2010-11.

We are seeing a resumption of the crash and you will be able to get more for your money the longer you wait and save.