New Build Finance BTL

[amirzed]

Got a quick question if anyone can point me in the right direction, got my IFA looking into this for me as we speak but the story is..

Buying a new build apartment and lenders are being funny about me and my mate being the first purchasers of this apartment - i.e. they won't lend unless the property has been sold first to somebody else!

Does anyone know any lenders that don't have this criteria? My IFA is looking into this but could do with a few pointers incase his usual lenders all have an issue with this and I need to get this sorted on the double.

Cheers

[scotal]

Whats the LTV?

[Sarnie]

Do either you or your mate have a residential mortgage? If not then they will be classing you as FTB's and a lot of lender won't do FTB's BTL's.......

[amirzed]

hi the LTV is 65%, we're ok on the 125% interest cover, got 2 BTL mortgages myself at the moment but both have been going for a while on repayment, my partner in this has no mortgages or loans, no assets but a decent job, both live at home so minimal outgoings!

I think the type of property doesn't help at all, but I assume there are ways to get this sorted.

Speaking to the IFA again tomorrow so hopefully he'll be able to arrange something.

[scotal]

Unless there is something very odd about this property you should be able to finance that with a number of the bog lenders.
65% is the ceiling for a few BTL deals on new build flats, but its not impossible by any means.