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!

Minimum BUY To LET deposit

SteveSilva
SteveSilva Posts: 147 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Mortgages & endowments
HI guys a little help if you will. Does anyone know of any BTL mortgages you can get with a 15 deposit. I know some of my friends have done that through brokers but I cannot see anything online

thanks

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Best to try a broker. Buy to Lets are often exclusive deals through brokers
    I am a Mortgage Adviser
    You 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.
  • SteveSilva
    SteveSilva Posts: 147 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Thanks GMS,

    In your opinion what kind of rate do you think I could get. I have a 10% deposit and could stretch it to 15% the house will cost £120k and could get £500 per month on rent?

    Thanks again
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Somewhere around 6% I would think. On your figures it would not work. Mortgage would be higher than the rent.

    BTL lenders typically want the rent to be 125% of the monthly mortgage.
    I am a Mortgage Adviser
    You 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.
  • holly_hobby
    holly_hobby Posts: 5,363 Forumite
    1,000 Posts Combo Breaker
    There is a new 85% scheme been launched in the market, intermediary (broker) access only - make an appointment with a whole of market broker to discuss.

    Hope this helps

    Holly
  • morgan78_2
    morgan78_2 Posts: 95 Forumite
    sure kensington were doing A 15% deposit
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    morgan78 wrote: »
    sure kensington were doing A 15% deposit

    Correct. Kensington WERE doing 85% LTV BTL. Withdrawn recently
    I am a Mortgage Adviser
    You 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.
  • holly_hobby
    holly_hobby Posts: 5,363 Forumite
    1,000 Posts Combo Breaker
    morgan78 wrote: »
    sure kensington were doing A 15% deposit

    Now 80% - 85% pulled a little while ago I'm afraid (as was The Mortgage Works).

    Hope this helps

    Holly
  • SteveSilva
    SteveSilva Posts: 147 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    gms

    Thanks rent should be 125% times mortgage, does that apply to an interest only mortgage or repayment?
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Generally Interest Only. Could be based on the pay rate (actual rate), revert rate if higher or a set rate for affordability calculations.
    I am a Mortgage Adviser
    You 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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

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
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture