Buy to let Mortgages - which are best deals

sniffypoopoo

Hi,

I'm new on her so hello everyone.xx

I currently have a house which is for sale in Scotland, I have relatives in it at the moment who are covering the mortgage and bills, I have moved back to England and am renting but would be better off with a mortgage.

My income is 18000 a year and I have a permanent lodger who brings in 4500 a year to add to my income.
This gives me 22500 in total, i could raise 10-12000 for a deposit but that's it at the moment until my house sells (if it ever does!!).

My problem is that banks want at least 20-25% deposit for a second mortgage. Are there any deals out there that are requiring less deposit, or anyway of getting around it.

Thanks

sniffypoopoo

Also, are these house buying companies worth a look?

Thanks

getmore4less

Wait till your house is sold,

Consider dropping the price any house buying company needs to make money so will offer a lot less.


Don't the realtives want it?

sniffypoopoo

Unfortunately they don't.

But like you say i'm probably better off waiting, just hate this moving every six months malarkey with renting.

Engeroosi

Where is your property in Scotland and is there a reason why it isnt selling?

Conrad

sniffypoopoo wrote: »

Hi,

I'm new on her so hello everyone.xx

I currently have a house which is for sale in Scotland, I have relatives in it at the moment who are covering the mortgage and bills, I have moved back to England and am renting but would be better off with a mortgage.

My income is 18000 a year and I have a permanent lodger who brings in 4500 a year to add to my income.
This gives me 22500 in total, i could raise 10-12000 for a deposit but that's it at the moment until my house sells (if it ever does!!).

My problem is that banks want at least 20-25% deposit for a second mortgage. Are there any deals out there that are requiring less deposit, or anyway of getting around it.

Thanks

Halifax and others can consider up to 90% mortgage with another mortgage remaining in situ.
Halifax only ask 'is the current home likely to be sold within 30 days of completion'. There is no absolute stipulation it must be sold.

You may want to try a broker. You calling Halifax call centre trying to get through this could easily go wrong.

sniffypoopoo

Engeroosi wrote: »

Where is your property in Scotland and is there a reason why it isnt selling?

It's in the far North 20 miles from John O Groats, and the housing market is very slow up thre.