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Need advice about Buy To Let
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goody2shoes_2
Posts: 12 Forumite
Could anyone please recommend a good bank/building society for a buy-to-let mortgage that doesn't want 25% deposit? Thanks.
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Sorry we are not allowed to recommend specific companies on here, but some lending institutions are happy to lender with a 15% deposit
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If you have less than a 25% safety net you really don't want to be buying to let, you haven't got enough security, hence why most banks won't touch you.0
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goody2shoes wrote:Could anyone please recommend a good bank/building society for a buy-to-let mortgage that doesn't want 25% deposit? Thanks.
What's this - a sunday night joke or something?0 -
Most buy-to-let mortgages are available with 15% deposits PROVIDED the rental figures stack up. You will need the rental to outstrip the interest only mortgage payment by at least 25%.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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There is one lender who is happy to lend on an interest only 85% LTV mortgage with just "a minimum of 100% of the mortgage amount" (but I think it is likely they are looking for a bit more than 100%!)I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Al_Mac wrote:Unfortunately it is the continued belief that money is being made in buy to let;)
I think you'll find money can still be made in a variety of areas of the country.
Just because the figures don't stack up in certain areas doesn't rule it out as a bad investment for the whole country.
As long as the OP does their homework, ensures rent covers voids and maintenance, and isn't basing their whole investment on the (perhaps unlikely - again depends on your area of the country) capital gain the property might see, then what's the problem?
The bigger the mortgage percentage you take, the bigger the repayments thoughAnnual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0
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