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FTB BTL Mortgage - help please!
AmexReferrals
Posts: 35 Forumite
Hello! As stated, I am a first time buyer looking for a buy to let mortgage. I understand this limits my options but I’m trying to go through brokers and banks directly to see who will offer me a good deal but I was just wondering if anyone had any advice to help speed this along, or to point me in the right direction. I plan on putting down a deposit of over 40%, leaving the mortgage to cover the remaining 60%. Income for the apartment is estimated to be around 5% of the cost of the apartment itself. It is a newbuild too with completion due in Sept. The best I can find right now is 1.8% for 5 years fixed. Is this the best I will be able to get, does anyone know? Thanks in advance!
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Comments
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Have you checked you can actually rent it out? There are often restrictions on new builds.
2024 wins: *must start comping again!*1 -
The Mortgages & Endowments board is better suited for your query.0
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hazyjo said:Have you checked you can actually rent it out? There are often restrictions on new builds.
Yes, first thing I did before putting any money down. I have letting agents lined up as well as potential tenants so having it occupied will not be an issue. Thanks.0 -
Ah yes, you are correct. Thank you!MaryNB said:The Mortgages & Endowments board is better suited for your query.0 -
I didn't think you could get a BTL loan unless you already owned your own home. Or is this outdated?
Signature on holiday for two weeks0 -
Yeah I’ve got a B2L mortgage without owning my home. Not many products so rates are higher but it can be done.Mutton_Geoff said:I didn't think you could get a BTL loan unless you already owned your own home. Or is this outdated?
1.8% 5 year fix sounds excellent.No one has ever become poor by giving0 -
If you don’t mind my asking, did you go through a broker or direct?thegentleway said:
Yeah I’ve got a B2L mortgage without owning my home. Not many products so rates are higher but it can be done.Mutton_Geoff said:I didn't think you could get a BTL loan unless you already owned your own home. Or is this outdated?
1.8% 5 year fix sounds excellent.0
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