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What are the best BTL mortgages at the moment?
56cheffy
Posts: 485 Forumite
As it says in the title.
Looking to buy a property valued at £120000 and I'm wondering what the current deposit required might be, fees and whether to go for fixed rate etc.
Thanks.
Looking to buy a property valued at £120000 and I'm wondering what the current deposit required might be, fees and whether to go for fixed rate etc.
Thanks.
This post was created in an area that may contain nuts!
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Comments
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I have just taken out a mortgage through L and C mortgages. Very good they check across many lenders0
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Be careful with fees on BTL mortgages. Often it is worth sacrificing the rate for a lower arrangement fee.
Definitely a broker case as many BTL lenders are broker onlyI 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 -
Deposit of at least £18k possibly £24k will be required. Better deals will come with a higher deposit.0
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You'll typically need 25% deposit and for the rental income to be at least 125% of the monthly mortgage interest, assuming a rate of perhaps 6% per annum.
If you don't already own a property, you may struggle with some lenders thinking you are trying to buy a home to live in, using the BTL criteria to bypass inability to prove income on a residential mortgage.
As GMS has said, the BTL market is still very broker-centred and you can spend thousands on fees when higher rate/lower fee product will probably suit your mortgage size better. A broker will ensure you get the right option.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I found these
http://www.themortgageworks.co.uk/This post was created in an area that may contain nuts!0 -
I believe TMW is broker-only. It's the intermediary-only arm of Nationwide Building Society.I found these
http://www.themortgageworks.co.uk/I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Do you own your own home?
Do you have any other BTL properties?
What is your income?
Estimated rental per month?
How much are you looking to purchase for and what deposit do you have?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 -
£110/120k and deposit up to £25k MAX,preferably just £22kDo you own your own home? YES
Do you have any other BTL properties? 6
What is your income? £50k
Estimated rental per month? £650
How much are you looking to purchase for and what deposit do you have?
This post was created in an area that may contain nuts!0 -
Fair few lenders at 80% LTV.
Have 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
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