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Buy-to-let minimum income?
apple1976
Posts: 13 Forumite
I have a property currently let out on a non buy-to-let mortgage (used to live in the property and my existing lender allowed it to be rented on the same mortgage). The interest rate has recently gone up to 6.24% as my discount period has ended.
Can I get a better rate by remortgaging on a buy-to-let basis, and will anyone lend to me? The figures are:
annual income £20,000 but rising to about £22,000 soon
property value £200,000
mortage remaining £67,000
rental income £780 per month
thanks for any help, I can't seem to find anything useful on line yet!
Can I get a better rate by remortgaging on a buy-to-let basis, and will anyone lend to me? The figures are:
annual income £20,000 but rising to about £22,000 soon
property value £200,000
mortage remaining £67,000
rental income £780 per month
thanks for any help, I can't seem to find anything useful on line yet!
0
Comments
-
Yes you can do better than 6.24%
At £780 per month rent it shouldn't be a problem getting a buy to let mortgage to cover more than remaining.
>> I can't seem to find anything useful on line yet!
see
http://www.mortgages.co.uk/buy-to-let/index.html
http://www.moneyfacts.co.uk/mortgages/bestbuys/btl.aspx
http://www.moneysupermarket.com/moneydefault.asp?Source=GOOMORT12
just search for
buy to let mortgage
in google0 -
Based on that scenario, you will find the plenty of cheaper schemes out there for youI am a Mortgage AdviserYou 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
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