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help!
joojoo3
Posts: 1 Newbie
I already have a morgage and want to buy a second buy to let property. I have a £40,000 deposit. where and who is the best place to get as much money as I can lend. Thanks J
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Comments
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So long as you have a minimum 20% deposit and the rent covers 125% of the mortgage payments at a 6% interest rate you could potentially get in the region of £200k.
Thats very crude maths but should give you some indication of what you can get more or less. Might be worth having a chat with a broker.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 -
Do you have an earned income of 25k or over? Many lenders now require this.
I would say if 40k is a 25% deposit you could potentially borrow 120k. This would mean a 75% product which will bring in more lenders and better rates.
Definitely speak to a broker. Many BTL products are broker only.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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