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Looking for some advice please
themachine_2
Posts: 23 Forumite
Hello
My wife and i have just been offered a fantastic opportunity to buy a flat from a friend who is looking for a quick sale in order to pay off some debt. The purchase price is 31k, however the value of the property is 57k. We would be looking for a buy to let mortgage as we would be letting the property. As the rental market is quite strong in the area we could expect to achieve between £300-£340pcm.
My question is if it is possible to get a btl mortgage for such a small amount bearing in mind a 25% deposit, which we have, would take the loan amount to below 25k (which from what i undrstand is the minimum amount lenders will lend)?
My salary is £21200 and my wife's salary is £16500.
Any advice would be greatly appreciated as we feel it is a great long term investment opportunity but don't know how to go about it.
My wife and i have just been offered a fantastic opportunity to buy a flat from a friend who is looking for a quick sale in order to pay off some debt. The purchase price is 31k, however the value of the property is 57k. We would be looking for a buy to let mortgage as we would be letting the property. As the rental market is quite strong in the area we could expect to achieve between £300-£340pcm.
My question is if it is possible to get a btl mortgage for such a small amount bearing in mind a 25% deposit, which we have, would take the loan amount to below 25k (which from what i undrstand is the minimum amount lenders will lend)?
My salary is £21200 and my wife's salary is £16500.
Any advice would be greatly appreciated as we feel it is a great long term investment opportunity but don't know how to go about it.
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