BTL for £30,000?

obay

Hi,

Looking to know if anyone know any lenders that will lend on a purchase of £30,000 with a £7500 deposit (25%).

does anyone know anything? The property can easily generate £350 PCM in rental...

Can anyone give me an idea?

ACG

Have you tried for an unsecured loan? Chances are it will be cheaper than any mortgage you will get.

I can only think of one mrotgage lender who would do it, rates would be around 7-8% and fees of maybe a grand or so.

obay

ACG wrote: »

Have you tried for an unsecured loan? Chances are it will be cheaper than any mortgage you will get.

I can only think of one mrotgage lender who would do it, rates would be around 7-8% and fees of maybe a grand or so.

I'm trying to pay down some debts at the moment but I am just getting ready for it, I don't think I can take on another unsecured loan if I am being honest, considering i'm using £15k at the moment on debt (unsecured).

How would I go about getting a loan and putting the property in my name? surely the banks and lenders will treat it as a mortgage and use it as security ?

Or can the loan be unsecured, so in theory, the property is in my name 100% w/o the need for the lender to go on the books?

Anonymous101

Have a look at a 0% credit card. Not something most people would think about but I bought a car on one for not much less than you're talking. They're often the cheapest loans around if you can get a high enough credit limit.

ACG

If it is unsecured, you apply for a loan they give you the money.
You choose your own solciitor to do the conveyancing, you have a valuation done (but as there is no mortgage, this is optional).

If your income supports the loan, you pass credit score and criteria you get the loan.

obay

i have not a clue which card i can use, the only one I can think of is Amex, I have passed the dummy score online, but I don't know if I can actually get the funding I want through a card.. unfortunately.

Do you have any other recommendations?

glosoli

There are lenders out there who do not have minimum loan amounts, in actual fact I done one today for £37,000 at 2.99% for a buy to let, so it is possible.

obay

glosoli wrote: »

There are lenders out there who do not have minimum loan amounts, in actual fact I done one today for £37,000 at 2.99% for a buy to let, so it is possible.

can you share your lenders name?

ACG

glosoli wrote: »

There are lenders out there who do not have minimum loan amounts, in actual fact I done one today for £37,000 at 2.99% for a buy to let, so it is possible.

Some have no minimum loan, but most have a minimum valuation of around £75k. There is only one or 2 I can think of with no minumum valuation but the rates are quite high. In saying that, I do not really do many BTLs.