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!
buy to let morgage
georgephillips
Posts: 3 Newbie
i am buying two flats in order to rent them out, both are costing £210,000 each, what is the best deal that i can get and what is the minimum i need to put down
0
Comments
-
generally 15% deposit on BTL mortgages. I think 10% may be possible with 1 or 2 lenders. Will also depend on achievable rents. rental should really exceed mortgage payments by 25%, though again there are lenders who will allow mortgages where the rental equals the mortgage repayments.
All assuming your credit rating is good etc etcI'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
If you are only putting 15% down, then you probably wont make any money on the rental income and could indeed end up paying more as rental yields are generally very low at this time. A further increase in interest rates expected in February could hit this more.
One assumes that your business plan includes rental income against interest and letting agency costs (as well as dead periods, damage and maintenance).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The minimum you need to put down will be dictated in part by the expected rental income on the property - what do you expect to get for each one per month?I 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
-
I always suspect trolls when newbies post questions like this. maybe I'm a sceptic?
Looking at george's other posts, my scepticism is heightened.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards