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Getting BTL mortgage quotes online??

tcall
tcall Posts: 222 Forumite
in Mortgages & endowments
Partner and I are looking at getting a BTL flat, but can't seem to get quotes online. Keep getting a message "sorry, there are no products which match your cliteria", or similar.

We have a mortgage on our home (mortgage 120k)
We are self employed. Last years accounts showed 21k each.
Previous year 18.5k each
Previous 13.5k each.

The BTL property is 75k
Mortgage needed is just for 60k
Income from renting out should be £400pcm.

Have tried Money Supermarket, but it doesnt seem to take into account the fact that we will get income from the flat which almost covers the mortgage.

Any ideas?

Comments

  • toonfish
    toonfish Posts: 1,260 Forumite
    no idea - it would appear to stack up unless you are putting in a repayment mortgage with a term whereby the repayments will be higher than the rental income?
    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.



  • tcall
    tcall Posts: 222 Forumite
    well, i'm trying to quote over 25 years, and i imagine the repayments will be higher than the rental income, but not by much.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    You should be fine

    Your personal income is more than sufficient
    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.
  • Leighthal
    Leighthal Posts: 326 Forumite
    I think that site is a comparison site,so only shows products from its sponsers.You are best off speaking to a 'fees free 'whole of market mortgage adviser'.These guys will be able to search from a massive range of mortgages.

    Well there is a good guy who knows his stuff ^^^^^

    Posted 2 mins before mine
    In an Acapulco hotel:
    The manager has personally passed all the water served here.:rotfl:
  • toonfish
    toonfish Posts: 1,260 Forumite
    tcall wrote:
    well, i'm trying to quote over 25 years, and i imagine the repayments will be higher than the rental income, but not by much.

    try putting it in interest only, and you might get a result
    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.



  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    You could be looking at fixed rates around 5.19% and on £60 k that would equte to interest only payments of around £260pm

    Varying fees for different lenders.

    HTH
    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.
  • Leighthal
    Leighthal Posts: 326 Forumite
    Just to add,if you have 'Interest Only',all rent can be offset against Income tax.Just something you should be aware of.
    In an Acapulco hotel:
    The manager has personally passed all the water served here.:rotfl:
This discussion has been closed.
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