mortgage rejection.

Newbird

OP - get a decent broker onto it..should not be a problem...Sellers REALLY want sales now!

Newbird

FYI again GT - someone else and another broadsheet report in 'The Times' agrees with me.....:p

Its still what, where, and how much, that counts tho.....care to check the link for the reality if you don't believe me?

"Hi all,

I don't usually 'advertise' news stories, but it plays an important part in house prices I believe.

http://business.timesonline.co.uk/to...cle4207814.ece

Not really gonna help average FTBers save before they buy is it...these are hard times it seems.

I can speak true of this, my one bed flat with a tiny sea view was going from 475 to 525 if I didn't leave this month. And I hear they're gonna advertise it at 550."

And .....another.....http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article4207822.ece

PS..You've gone a bit quiet back there....:rolleyes: maybe you're reading up.....well you should be, to be fair...

PPS....I'm not trying to take this off topic any further on this thread - just following up yr comment as you made it here GT.

OP: ...Hellooo Haydee... :hello: ...useful reading for you - before you commit yourself to a BTL.

dunstonh

If the rental yield is good and better options do not exist then it can still be value for money. If the rental yield is poor and in a declining market then there is little sense in buying. A builder or someone good at low cost DIY can still turn a profit. A newbie landlord though could make a big mistake.

Theres no detail here so no-one can comment on the suitability of the BTLs as a decent investment.

herbiesjp

haydee wrote: »

Hi there,
I have a house worth £420,000 with no mortgage. I am trying to get a mortgage to buy a 'buy to let' property. Because I cannot show 5 years of mortgage repayment no one will give me a mortgage. I am only looking at about £80,000. Any suggestions?

If you remortgage your house for £80k - you will have abosulutely no problem at all getting a mortgage for that amount, assuming your income and credit history are fine

So you will have an £80k mortgage on your main residence and a second property owned outright

Just make sure the property is a good investment before jumping in!

Newbird

Hope the OP not been scared off for life by this thread development. :whistle:
I'm sorry about GT's ref to you...even if he's not.

Haydee there is useful info here.......check the links, hope you get lucky.

GT - I'm bored with this now, off to discuss more pressing matters
so here's my last link (just to hammer home the point) for you - Byeeeeee

http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article4207822.ece