We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buy to let mortgage
dstappard
Posts: 3 Newbie
I have lived in my flat now for over 3 years. The flat is valued at £105,000. I am relocating, so want to let out this property, so need to find a buy to let mortgage. I could scrape together enough for a 20% deposit (mixture of equity and savings), which means I would need a 80% LTV buy to let mortgage. Does anyone know of a lender who would lend to me based on these terms (I have never let a property before)?
The flat could comfortably generate a monthly rental income of between £550 - £600 per month.
The flat could comfortably generate a monthly rental income of between £550 - £600 per month.
0
Comments
-
and I will have low expenses when I move because I will be living with family, so therefore will not have a new mortgage/rent to pay0
-
Why not just see a mortgage broker or ask your existing lender about a BTL mortgage? Do you definitely need a BTL mortgage, your lender won't give you consent to lease? Have you checked the long lease to see if subletting is permitted?
Have you factored in buildings insurance, service charges, ground rent, major works, mortgage arrangement fees, letting agents fees, landlord's insurance, vacancies, tenants who do not pay, tenants who trash the place, income tax and capital gains tax?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.4K Work, Benefits & Business
- 599.6K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards