BTL Property under 50k purchase price

JM922019

Hi everyone,


I have just signed up here for a quick bit of advice.

There is a property local to my self which would make a great BTL but the purchase price is 45k. I have the deposit (25%) and typically know how things work as I have another BTL.

Having tried a few lenders today, main high street they are all coming back at a 25k loan amount which is fine but minimum purchase price of 50k.

Is there a lender out there who would lend on 45k purchase price or am I best off looking over the 50k mark.

Any advice appreciated.

csgohan4

Get a broker to see if they can

JM922019

I have always used a broker for my residential and a previous BTL which I ended up selling. However I find with most lenders the BTL application is straight forward and it usually doesn't justify the fee.

More than happy to support them in every other way but if I can save my self money its daft not to try.

If nothing comes up then I will look in to it.

JPB123

Most BTL products are only available through brokers.


I can think of 3 lenders off the top of my head that would look at this. Speak to a broker, we get paid to do this sort of thing and know where to go.

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.

csgohan4

JM922019 wrote: »

I have always used a broker for my residential and a previous BTL which I ended up selling. However I find with most lenders the BTL application is straight forward and it usually doesn't justify the fee.

More than happy to support them in every other way but if I can save my self money its daft not to try.

If nothing comes up then I will look in to it.

You get what you pay for I guess, you can get free ones as well, but must be a reason your asking on here as you cant find one yourself?

JM922019

Thanks guys. I spoke to a broker who cleared up my questions and knows of a few lenders who will offer a mortgage on a property around the 40k mark so viewings booked for next week.

Worth asking I suppose!

Tomtheplumber

JM922019 said:

Thanks guys. I spoke to a broker who cleared up my questions and knows of a few lenders who will offer a mortgage on a property around the 40k mark so viewings booked for next week.

Worth asking I suppose!

Hi,

sorry to bother you, would it be possible to pass the details on to me as I'm in the same situation as you

thanks in advance

MovingForwards

Tomtheplumber said:

JM922019 said:

Thanks guys. I spoke to a broker who cleared up my questions and knows of a few lenders who will offer a mortgage on a property around the 40k mark so viewings booked for next week.

Worth asking I suppose!

Hi,

sorry to bother you, would it be possible to pass the details on to me as I'm in the same situation as you

thanks in advance

S/he hasn't been back for over a year.

If you do not know any brokers, have a look through the threads as several brokers do comment on threads. You can approach them via private message, they cannot contact you first.