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85% LTV BTL but under 100k, options?
bwlv1
Posts: 316 Forumite
Evening all,
With regards to buy to let mortgages, I am aware there is a lender offering 85% LTV, but with a minimum advance of £100,000.
I am looking at a property just under their minimum of between £90-95,000. They also claim to have flexible lending criteria, is there a chance they may be able to do business with me? Credit history is good and property should achieve the 125% rental.
Thanks in advance for any replies.
With regards to buy to let mortgages, I am aware there is a lender offering 85% LTV, but with a minimum advance of £100,000.
I am looking at a property just under their minimum of between £90-95,000. They also claim to have flexible lending criteria, is there a chance they may be able to do business with me? Credit history is good and property should achieve the 125% rental.
Thanks in advance for any replies.
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Comments
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Sorry for bumping my own thread, and I know it's quite a specific question but if any of the mortgage advisors on here could share any of their experiences regarding this lenders 'flexible' criteria in regards to the under £100k advance I would be much appreciative.0
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What has your broker said?
Some lenders don't have a £100k minimum so it's difficult to say without knowing about your situation.I am a mortgage adviser.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.0 -
Hi Mark thanks for your reply,
Broker not yet appointed; just doing a bit of research first. I was under the impression there was only one lender offering 85% LTV at the moment for BTL purchases, that is where I have found the £100k minimum advance figure, but they also claim to be flexible with their criteria. Understand it will of course depend on circumstances and everything stacking up but just wondering if anyone had any experience of them advancing less than £100k.0 -
Appoint a broker and get it sorted.
They may be only one Lender that will consider this unless you up your deposit.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.0 -
A broker will have to be appointed at some stage, I'm just trying to figure out whether it's a non starter or if anyone has any experience of this lender being flexible with their minimum advance, and if not, I can focus on upping the deposit.0
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Who is the lender?Thinking critically since 1996....0
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somethingcorporate wrote: »Who is the lender?
Kent Reliance. Only one I have found for 85% LTV.0 -
I fear you may be misunderstanding the flexibility thing.
The maxima and minima are hard and fast but their criteria is otherwise more flexible than other lenders.
It doesn't mean they will reduce the min/max by £5k to get your business.
If you are desperate to know, ring one of their packagers and ask...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 -
Thanks all,
I have asked the question directly and await a response.0
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