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who for buy to let

Options
wwp8
wwp8 Posts: 67 Forumite
Part of the Furniture
in Mortgages & endowments
whats my options now for buy to let,
on a self cert basis
«1

Comments

  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    Before you go too far have a look at this article in the Torygraph.

    Buy-to-let bubble is fit to burst
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • Mortgagehero
    Mortgagehero Posts: 33 Forumite
    Lenders usually calculate loan amounts based on what rental income can be achieved form letting the property. Ideally the monthly interest-only repayment amount would equal 125% of the rental value although it is possible to find lenders that will accept 100%, having said that since the "credit crunch" problems 100% deals are becoming increasing difficult to find.
    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.
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    I've been a property investor for some time. NOW IS NOT A BUYING TIME. Be patient you may well find a lot of bargains in the comming months. Talkingh to a fellow landlord this morning, he is selling not buying stock. He and I await the blood on the streets. Arrears and repos will rocket - I promise.
  • Mr_helpful
    Mr_helpful Posts: 3,233 Forumite
    I can remember reports of a property crash since 2001. think what would have happened if you had believed them. To a degree I do agree however with conrad but when the repos come in there is no shortage of renters so if you can find a good location with good rental yield I know plenty of people who are still buying. i also have a portfolio and Im not selling it.
    I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)
  • dunstonh
    dunstonh Posts: 119,783 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Property investment funds are anticipating a 5-10% drop over the next 6 months. They have already dropped around 3% in the last 3 months. It is the first negative quarter since 1992.

    It's just another bit of data that suggests we have come to the end of this growth cycle.

    Unless the rental yield is very good you would be daft to look at mortgaged buy to let at this time.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    Part of the Furniture Combo Breaker
    Reaches 10 on the trollometer. I'm sure it would be 11 if the meter allowed it.

    trollometer10yw5.jpg

    :)

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • Pobby
    Pobby Posts: 5,438 Forumite
    Me,I am going for 5 BTLs off plan in Greenland.The developer is giving a 5% discount and warranting the rents for 3 months.Nice C.Vorderman is letting me have a 125% mortgae to value.Going to be very rich soon!
  • dunstonh
    dunstonh Posts: 119,783 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    How much is the home insurance cost on an igloo?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Pobby
    Pobby Posts: 5,438 Forumite
    dunstonh wrote: »
    How much is the home insurance cost on an igloo?

    3 pound of fresh cod!
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    Part of the Furniture Combo Breaker
    The risk of fire is quite low. I think the market for igloos is cooling despite global warming.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
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