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.
📨 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!
Minimum borrowing amount for buy to let mortgages.
Comments
-
Completely down to how much you want the property. 80% opens up more options, but a broker wont put full effort into it if you are unsure if you want to proceed or not.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 advice0 -
To be frank, if finding an extra £3,500 deposit is a problem you don't want to be taking the risk of a purchase and becoming a landlord.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 -
It's a catch 22 though as I'd want (and I'm sure agent would expect) us to have a agreement in principle to accept an offer. I'd have to approach another broker a step ours says 25% deposit is all she can source.
With respect I already have a rental and know what it entails, we have savings in place was just looking for advice about a mortgage. £3,500 is achievable but to get to 25% or an extra £7,500 isn't. Hence my request for advice.0 -
For anyone else that's searching we approached another broker who has sourced a provider who's minimum is £60,000 with 20% deposit.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards