We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage Calculator anywhere?
jamtart6
Posts: 8,302 Forumite
We want to buy a house, but rent it out for the first 2 years, I was wondering if there was some sort of calculator to work out how much will be paid off by renting it for the first 2 years.... Anyone know of one?
:ABeing Thrifty Gifty again this year:A
0
Comments
-
Are you first time buyers?
Are you aware of the deposits involved in Buy to Let mortgages?
What purchase prices are you looking at and what rental income will those properties give you?
There are no such specific calculators, but all advisers would issue you with a Key Features Illustration and this can include the breakdown of what you would have paid back over each of the years.
If you go for the interest only route (as most BTLs are) you will have paid nothing back.
If you go on a capital and interest route, you will have paid back only a minimal amount in the first two years
HTHI 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 -
You could try http://www.cpaj.com/download/loanamor.xls - it's in dollars, but you can ignore that.£2 coin savers club: £1.49
Official DFW Nerd Club: Member no. 0470 -
I see by your signature that you are saving for a house? You do realise that to buy a BTL you generally need a 25% deposit?0
-
jamief wrote:I see by your signature that you are saving for a house? You do realise that to buy a BTL you generally need a 25% deposit?
Most lender will need a 15% deposit
Some will now also look at a 10% deposit
However you will find that the lower rates and lower deposit schemes have extremely high arrangement fees
Ultimately it is also the rental income that will dictate what deposit is needed also, as if the rental income is not enough to allow for an 85% BTL mortgage, then you will need to find more of a deposit
HTHI 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 -
[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0
-
The brokers will not give you a link to a calculator try this other one
this link[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0 -
kenshaz wrote:The brokers will not give you a link to a calculator try this other one
this link
Kenshaz- as a calculator its about as much use as Abul Hamza playing paper ,scissors stone!0 -
Spam, reported.kenshaz wrote:The brokers will not give you a link to a calculator try this other one
this link0 -
Spam, reportedkenshaz wrote:0 -
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards