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Buy to let mortgage for first time buyer
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65% of £130,000 is £84,500. On an income of £13,000 this is 6.5 times income.
You sure they have the numbers right on this?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 -
65% of £130,000 is £84,500. On an income of £13,000 this is 6.5 times income.
You sure they have the numbers right on this?
I apologise, I have got the figures wrong on this, I believe she said they would lend me approx £65k based on my highest offer of 120,000 (this hasn't been accepted yet). But I understood they would in no way be able to lend me the £90,000. The advisor rang a number of lenders and most said they would not lend and only a few said they would but only up to approx £60k. I am in a position to put down a higher deposit, so I'm just wondering whether this would be advisable?My plan is to live in it for a few years with the hope of renting it out after 2-3 years, but in this time I would like to put down a deposit on another property as a buy to let. Does anyone know whether I would be able to take out a buy to let mortgage if I already own a home but with the accounts I have for the past three years? I hope I have explained the situation somewhat clearly!0 -
So you are purchasing a BTL property with a BTL mortgage but plan to live in it first?
You might as well (should!) get a residential mortgage and apply for consent to let when you need it.
Then you face the BTL issues as and when, instead of now. BTW you will find it easier to get a BTL mortgage based only on the rental income when you already own your own home...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 -
kingstreet wrote: »So you are purchasing a BTL property with a BTL mortgage but plan to live in it first?
You might as well (should!) get a residential mortgage and apply for consent to let when you need it.
Then you face the BTL issues as and when, instead of now. BTW you will find it easier to get a BTL mortgage based only on the rental income when you already own your own home...
Hi, no I am getting a residential mortgage with the hope of moving out and getting permission to let it out a few years later at same property. But in the years I am living there with residential mortgage I want to buy another house with a BTL mortgage.0 -
Your opening post reads like you're trying to get a BTL now.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
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