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How to work out finances for buy to let mortgage

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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    lonestarfan wrote: »
    How do they keep both properties on these figs.

    Barely enough equity to meet LTV requirements for a BTL.

    Certainly not enough equity to provide a deposit on the new property.

    Other option is to rent in the locality of the new school. While obtaining CTL for the old property. Not a route I would suggest though. As doesn't address the fundamental issues.
  • lonestarfan
    lonestarfan Posts: 1,232 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    Thrugelmir wrote: »
    Barely enough equity to meet LTV requirements for a BTL.

    Certainly not enough equity to provide a deposit on the new property.

    Other option is to rent in the locality of the new school. While obtaining CTL for the old property. Not a route I would suggest though. As doesn't address the fundamental issues.

    Exactly what I said in post 13 and 17. Just wondered what AMN saw in it.
  • amnblog
    amnblog Posts: 12,733 Forumite
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    Never assume that deposit funds cannot be accessed.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • lonestarfan
    lonestarfan Posts: 1,232 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    amnblog wrote: »
    Never assume that deposit funds cannot be accessed.

    I see. So bank of mum and dad etc could be an idea.
  • amnblog
    amnblog Posts: 12,733 Forumite
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    It's amazing how cash can come out of the woodwork when it needs to.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    amnblog wrote: »
    It's amazing how cash can come out of the woodwork when it needs to.

    Just put my debit card into mine and nothing happened? :think:
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