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Buy-to-let mortgage
Comments
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Which lender have you gone with?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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Which lender have you gone with?
Don't know yet, we have not seen the paperwork, the mortgage broker is sending it through next week.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
seven-day-weekend wrote: »Don't know yet, we have not seen the paperwork, the mortgage broker is sending it through next week.
How have you got to an agreement in principle without seeing any paperwork?
Have you been told any fees involved?
Should have been provided with paperwork prior to any AIP.
How do you know this lender and product is the best one for you?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 -
How have you got to an agreement in principle without seeing any paperwork?
Have you been told any fees involved?
Should have been provided with paperwork prior to any AIP.
How do you know this lender and product is the best one for you?
The mortgage broker has a verbal agreement in principal, he says if we want he can send all the paperwork through for a formal AIP. We have not signed or agreed to anything yet.
He is on holiday for a week, we have said that's fine by us, it gives us a week to decide what to do.
As to whether it is the best mortgage, apparently we don't have a lot of choice as our income is all from Pensions and we are in our 60s.
Our family have used this broker before, he got our son (no credit history, low income and a flat with a short lease), a very good deal and didn't charge outrageous fees. That is why we have used him again.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
My brother is a building surveyor and if you pay £70 or £74K for the 2 bed flat then that is what the other 2 bed flats will then be worth!
You are looking for a return on your investment and good rental yield. If the property goes up in value all the better.
How much interest will you earn on £20/25K ?
Hope you get sorted.0 -
UPDATE....
.....to say that after giving it much thought, we have decided not to go down the buy-to-let route as we are unconvinced that we will get our money back in ten year's time. If we were twenty years younger we may have taken this risk, but don't want to at our time of life.
However, the flat we had in mind has been reduced, a really good bargain; here it is if anyone is interested. A really nice big flat next to a hospital.
http://www.rightmove.co.uk/property-for-sale/property-41072342.html(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0
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