Small mortgage

cf85

Hi,

I'm a first time buyer who is looking to buy a flat as an investment (on a buy to let mortgage). The value is about 90k. Ideally i want to pay for the majority of it, with a small small mortgage, LTV about 10% if possible.

Obviously i don't appeal as much to lenders, but does anybody have any advice or suggestions in who may be best providers without being stung by fees or higher rates.

Thanks in advance

Wh05apk

cf85 wrote: »

Hi,

. Ideally i want to pay for the majority of it, with a small small mortgage, LTV about 10% if possible.

Not sure what you mean, do you mean a 10% mortgage or a 10% deposit? you will not get a BTL mortgage with 10%, many lenders will also reject ftb's, if you are looking at a 10% mortgage, this will also be below many lenders minimum,

Mrs_Z

Hi, I don't know your circumstances, but if you are a first time buyer, why are you thinking of BTL instead a home of your own? I would also recommend that you look into the taxation aspects of BTL as it normally makes sense to have a larger BTL loan because the interest payments are deductable. Still, sounds as though if you are almost a cash buyer, if you are willing to take a bigger mortgage you should not have a problem. Or why not split your cash and buy two properties instead?

jonathanmiller

Most buy to let loans have a min loan of £25,001 so this could limit the amount of lenders available. On the plus side, some charge fees as a percentage of the loan ie 2% of a £25k loan rather than a flat £999 fee.