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What are BTL rates like nowadays
nmiah786
Posts: 577 Forumite
Hi all
What are the going rates for BTL nowadays.
House Price £300k
15% Deposit
What sort of rental figures will be needed and what are the rates available.
Anyone got any pointers.
Thanks in advance.
What are the going rates for BTL nowadays.
House Price £300k
15% Deposit
What sort of rental figures will be needed and what are the rates available.
Anyone got any pointers.
Thanks in advance.
Debt at highest (November 2005) = £35,856
Debt currently (August 2006) = £20,790
&More £1,530, Egg £6,800, HSBC £3,760, Egg Loan £8,700
Interim goal = £23,400 (Target: February 2006, Missed but acheived May 2006)
2nd Interim Goal = £15,000, Target October 2006
Debt Free Date = February 2008 BUT I'M GOING TO BE TRYING FOR SOONER!!!
Debt currently (August 2006) = £20,790
&More £1,530, Egg £6,800, HSBC £3,760, Egg Loan £8,700
Interim goal = £23,400 (Target: February 2006, Missed but acheived May 2006)
2nd Interim Goal = £15,000, Target October 2006
Debt Free Date = February 2008 BUT I'M GOING TO BE TRYING FOR SOONER!!!
0
Comments
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there are a vast range, and a few lenders are only looking for 100% rental coverage now which is handy as variable rates have obviously increased.
At the risk of sounding like a parrot, you should seek out a decent broker to help you as rate isn't everything, particularly with buy to let where rental coverage and especially fees can differ massively.
As a general guide you will probably need rent in th order of £1400-1500 per month to access all lendersI 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 -
If I was producing a business plan which involved borrowing over the medium to long term (as I presume yours does) I would consider the effect of interest rates rising to 8% or even 10%.0
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Thank you both.
The achievable rent would be in the region of £1500, not exactly good yields from that point of view, but I have my reasons:cool:
Yes, I have considered the effect of interest rising to 10% and I will be prepared for that.
So has anyone got any suggestions!;)
Are arrangement fees that high nowadays???Debt at highest (November 2005) = £35,856
Debt currently (August 2006) = £20,790
&More £1,530, Egg £6,800, HSBC £3,760, Egg Loan £8,700
Interim goal = £23,400 (Target: February 2006, Missed but acheived May 2006)
2nd Interim Goal = £15,000, Target October 2006
Debt Free Date = February 2008 BUT I'M GOING TO BE TRYING FOR SOONER!!!0 -
yes arrangement fees, booking fees are very high these days but you can take it off your profit taxwise.
have a look at mortgage express or BM Solutions.0
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