Is it possible ? Advice on BTL mortgage.

LizzieandThomas

Hi

Looking for some info. I know there is a mortgage guide on this site but its printable only and mine is out of order.

I have a btl mortgage already but cant remember what the requirements were, deposit % and also % more the rent needs to be than the mortage.

Here my situation.

I have just under £100,000 secured on my existing prop (mortgage and 1 loan), this property is to small for us as have a baby on the way but cant sell it just yet as still needs a bit off work.
I have however found a property on market which i would aim to get for 195k - i was thinking of releasing some equity from my existing property to put as a deposit and get a btl mortgage and rent the prop out for 6 months.

How much equity would i need to cover my deposit ?

And how much more than my mortgage payment does the rent need to be ?

Im also under 25 as i remember this made my btl more difficult to source last time.

i do use an ifa but dont want to go through all the hassle if theres no point so would appreciate any help.

Thanks in advance i really do appreciate it. x

JoeK_3

LizzieandThomas wrote: »

Hi

Looking for some info. I know there is a mortgage guide on this site but its printable only and mine is out of order.

I have a btl mortgage already but cant remember what the requirements were, deposit % and also % more the rent needs to be than the mortage.

Here my situation.

I have just under £100,000 secured on my existing prop (mortgage and 1 loan), this property is to small for us as have a baby on the way but cant sell it just yet as still needs a bit off work.
I have however found a property on market which i would aim to get for 195k - i was thinking of releasing some equity from my existing property to put as a deposit and get a btl mortgage and rent the prop out for 6 months.

How much equity would i need to cover my deposit ?

15% deposit

LizzieandThomas wrote: »

And how much more than my mortgage payment does the rent need to be ?

20%-25%

LizzieandThomas wrote: »

Im also under 25 as i remember this made my btl more difficult to source last time.

i do use an ifa but dont want to go through all the hassle if theres no point so would appreciate any help.

Thanks in advance i really do appreciate it. x

What was the hassle?

JoeK

LizzieandThomas

no hassle asking on here - work along side my ifa, which is great but didnt want to waste her time/ make myself look stupid if it wasnt possible. Also want to sit and work it all out on paper and discuss with my other half before i speak to her.

Thanks ever so much - just need to sit and work it all out now.