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Find me a Mortgage Please...
sparkle_berry
Posts: 14 Forumite
Here's my situation:
We want to buy a house and rent it out for a couple of years before me move into it.
We already own the house we currently live in and are locked into a 2 year mortgage. We are planning to relocate in 2 years time, but have found the house we really want, we are quite specific in the roads we want to live in, and properties in the area we want doesnt come up often.
We have found the house we want but the only thing is everywhere is telling us we need a BTL mortgage with at lease 15% deposit. We only have a 10% deposit, we really love the house and dont want to lose it. Is there a way we can get a mortgage with 10% deposit and still rent it out?
Thanks for you help.
Susie
We want to buy a house and rent it out for a couple of years before me move into it.
We already own the house we currently live in and are locked into a 2 year mortgage. We are planning to relocate in 2 years time, but have found the house we really want, we are quite specific in the roads we want to live in, and properties in the area we want doesnt come up often.
We have found the house we want but the only thing is everywhere is telling us we need a BTL mortgage with at lease 15% deposit. We only have a 10% deposit, we really love the house and dont want to lose it. Is there a way we can get a mortgage with 10% deposit and still rent it out?
Thanks for you help.
Susie
0
Comments
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There are a few lenders that could go with a 10% or 11% deposit however you have to be aware of two things:
1) The fees will be higher
2) The expected monthly rental income is what dictates the mortgage amount a lender will agree, so if it is too low, you may not be able to go up as high as 90% borrowing
What is the purchase price?
What is the expected rental income?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
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