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Buy to let mortgages
costas1234
Posts: 2 Newbie
Hi I have around a 30k deposit, I receive DLA benefit, as well as having around 3k a year income from a part time job, and another 6-7k of part time income from temporary work. The question I have to ask is, which banks if any will lend me a mortgage. Virgin Money asked for 25k minimum income which I doubt will get near that anytime soon. I also get around 4k a year in working tax credits.
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Comments
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If you have a £30k deposit, ignoring stamp duty and legal fees. A buy to let is normally minimum of a 25% deposit so that would be a £120k property requiring a £90k mortgage. The rule of thumb is generally 4.5 times your salary so in this case you would need a salary of at least £20kThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Just reading the terms in a booklet from the Coventry, to change to a buy to let is 1% extra, plus fee.0
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