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Buying a second property, is 25% deposit always required by all lenders?
LiveOnce
Posts: 476 Forumite
I've heard you need 25% deposit for a second property, is this always the case with lenders?
It is quite steep for me but if I do a lower deposit and do a 25yr mortgage it seems to work out.
So how do I get around this?
It is quite steep for me but if I do a lower deposit and do a 25yr mortgage it seems to work out.
So how do I get around this?
0
Comments
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For BTL? There are a handful of 80% LTV on the market, albeit with higher interest rates. If you're gonna become a landlord, you really ought to have some liquid assets in cast the boiler dies.
You can get interest only mortgages as well.
If this is BTL, you really need to do a lot more research than it sounds like you've done."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
It would be for a second home
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OK, might be different. There is a mortgage board on here, and that gets frequented by mortgage brokers. They'll be able to give you much better advice on what might be available, together with how lenders might assess affordability criteria for second homes."Real knowledge is to know the extent of one's ignorance" - Confucius0
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