Mortgage options ?

chez000

Firstly Ive seen a similar question already tonight but didnt want to hijack the thread, so apologies if im making people repeat themselves.

I dont have a mortgage, and co own my home.
Id like to buy somewhere to rent out.

Im only looking for somewhere cheap max of around £60,000, which where I live is enough for a decent sized 3 bed.

From looking around a mortgage of the size i need would be around £3-350 p.m with a 10 % deposit

I can easily afford £350 p/m as I have no other substantial outgoings i.e as I have no mortgage or rent payments.

So even if the property was empty the mortgage would be no problem

Do I need a BTL mortgage ? or could i just get a regular mortgage with consent to let?

GMS

You will need a BTL for a new purchase of a property intending to be let. You cannot apply for a residential mortgage and ask for consent straight away.

You won't get a BTL mortgage with a 10% deposit. Would you consider raising a deposit by refinancing your residential? You say co-owned. Would the co-owner be party to the BTL mortgage too?

Thrugelmir

You would need a BTL.

10% deposit would be insufficent, at least 20% .

chez000

GMS wrote: »

You will need a BTL for a new purchase of a property intending to be let. You cannot apply for a residential mortgage and ask for consent straight away.

I thought that was probably the case, but wanted to check.

GMS wrote: »

You won't get a BTL mortgage with a 10% deposit.

I know, the least Ive seen is 25%

GMS wrote: »

Would you consider raising a deposit by refinancing your residential? You say co-owned. Would the co-owner be party to the BTL mortgage too?

No they wont, and id rather not refinance, would just prefer to keep everything as separate as possible.

If i need to wait til I have a 25% deposit, then I can wait another 3 months or so to buy somewhere.

Thanks