We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The MSE Forum Team would like to wish you all a very Happy New Year. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
Buy to let mortgage 20k income
stebiz
Posts: 6,592 Forumite
A friend of mine is looking for a Buy to Let Mortgage. Has 20k deposit. Income is also 20k. Property is 60k.
Credit record is fine.
I said I'd ask on here for him.
Credit record is fine.
I said I'd ask on here for him.
Ask me no questions, and I'll tell you no lies
0
Comments
-
People here dont give loans
Tell him to go and see a mortgage broker, they do.
Does your friend own (even if with a mortgage) a house already? If not his odds are low.0 -
Yes he has. I just said that somebody on here would probably know of a lender who would suit his needs.Ask me no questions, and I'll tell you no lies0
-
There is nowhere near enough information to say. We could probably advise of a few lenders who would be happy with a £20k income and a £60k purchase price, but there could be more obstacles to overcome.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
-
20k income
60k property
20-25k deposit
5k annual rental
No CCJ's or defaults
Permanent Job for Blue Chip CompanyAsk me no questions, and I'll tell you no lies0 -
My factfind is 6-7 pages.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
-
Then if you can't think of a company who is likely to consider the application on the above criteria and you fill in 6-7 pages before you can you must waste a lot of your working day. I'll do a bit of googling for him.Ask me no questions, and I'll tell you no lies0
-
I have an idea of some lenders who would accept it, but I dont do half a job.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
-
I'll do a bit of googling for him.
If this is your friend's solution to funding his buy to let he sounds like a bit of a worry.
Tell him to hurry up and get you googling as it will be a whole lot more difficult next month.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 -
If this is your friend's solution to funding his buy to let he sounds like a bit of a worry.
Tell him to hurry up and get you googling as it will be a whole lot more difficult next month.
is it the new tax regulations your implying? or the new stress tests?
http://www.propertywire.com/news/stress-tests-uk-buy-let-mortgages-set-start-2017/"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Then if you can't think of a company who is likely to consider the application on the above criteria and you fill in 6-7 pages before you can you must waste a lot of your working day. I'll do a bit of googling for him.
Your mistaken, the buyer has to fill in the Fact find, with the broker then matching them to a product. The brokers on here are not allowed to suggest lenders due to forum rules.
I could suggest the Bank of Rhubarb but it would not be good for your friend. Not one size fits all.
Does your friend know what it means to be a Landlord and the risks involved. It isn't easy money. What if you need to evict someone who doesn't pay rent? do you think it's cheap to get a high court writ and bailiffs?
Does your friend know the legal implications of be a LL too, tax, Gas check e.t.c?
http://forums.moneysavingexpert.com/showpost.php?p=67759929&postcount=7"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.8K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 260K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards