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Possible to get a 5% LTV on a second home purchase?
tloz123
Posts: 15
Forumite
Hi guys, I’m currently buying a second house (my current property is being rented out - consent to let).
I have approached a few brokers but waiting for their reply but in the meantime I wanted to know if lenders offer 5% LTV for mortgages on second properties. It will be mine and my wife’s name on the house and the mortgage. She is a first time buyer.
If there are lenders, do you know which ones so I can contact them directly (to see if it’s cheaper than what the broker comes up with).
Thank you.
I have approached a few brokers but waiting for their reply but in the meantime I wanted to know if lenders offer 5% LTV for mortgages on second properties. It will be mine and my wife’s name on the house and the mortgage. She is a first time buyer.
If there are lenders, do you know which ones so I can contact them directly (to see if it’s cheaper than what the broker comes up with).
Thank you.
0
Comments
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Do you mean a 5% deposit and therefore a 95% LTV?
at 5% LTV it should be easy as affordability should be fairly good. If the other way then it will all depend.0 -
As you will be increasing the number of properties you own, you need to factor in the higher rate of SDLT.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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