Buy to let LTV rate
Discussion
Sarnie said:
Potentially yes.
Do you own a residential property currently?
Do you currently own a BTL property already?
Hi Sarnie,Do you own a residential property currently?
Do you currently own a BTL property already?
The answer to both of those questions are no! Which makes me think it's not going to be possible. I have a pot of money which could buy me my own residential property but I want to get a few buy to let flats first and don't want to eat into my deposit significantly!
Cheers
yammyfan said:
Hi Sarnie,
The answer to both of those questions are no! Which makes me think it's not going to be possible. I have a pot of money which could buy me my own residential property but I want to get a few buy to let flats first and don't want to eat into my deposit significantly!
Cheers
Its far simpler and cheaper all round to buy your residential property first. You are currently a First Time Buyer & a First Time Landlord, which can't be done at 80% LTV.The answer to both of those questions are no! Which makes me think it's not going to be possible. I have a pot of money which could buy me my own residential property but I want to get a few buy to let flats first and don't want to eat into my deposit significantly!
Cheers
Sorry to thread hijack, but I currently own a house on a residential mortgage, however I'm looking at getting a second ASAP. Would a BTL mortgage be required or is there any way to get it on another residential mortgage?
The property I am after is dirt cheap & won't hang around long, but I don't think I will have time to sell my first house & buy the next, however with a lower deposit I could afford it.
Incidentally, I can easily cover both mortgages from my wage if required so no danger of missing payments etc.
Are there any mortgages around for this scenario?
The property I am after is dirt cheap & won't hang around long, but I don't think I will have time to sell my first house & buy the next, however with a lower deposit I could afford it.
Incidentally, I can easily cover both mortgages from my wage if required so no danger of missing payments etc.
Are there any mortgages around for this scenario?
RWD cossie wil said:
Sorry to thread hijack, but I currently own a house on a residential mortgage, however I'm looking at getting a second ASAP. Would a BTL mortgage be required or is there any way to get it on another residential mortgage?
The property I am after is dirt cheap & won't hang around long, but I don't think I will have time to sell my first house & buy the next, however with a lower deposit I could afford it.
Incidentally, I can easily cover both mortgages from my wage if required so no danger of missing payments etc.
Are there any mortgages around for this scenario?
Could you release some equity from your existing home to use/put towards the deposit for the btl?The property I am after is dirt cheap & won't hang around long, but I don't think I will have time to sell my first house & buy the next, however with a lower deposit I could afford it.
Incidentally, I can easily cover both mortgages from my wage if required so no danger of missing payments etc.
Are there any mortgages around for this scenario?
RWD cossie wil said:
Sorry to thread hijack, but I currently own a house on a residential mortgage, however I'm looking at getting a second ASAP. Would a BTL mortgage be required or is there any way to get it on another residential mortgage?
The property I am after is dirt cheap & won't hang around long, but I don't think I will have time to sell my first house & buy the next, however with a lower deposit I could afford it.
Incidentally, I can easily cover both mortgages from my wage if required so no danger of missing payments etc.
Are there any mortgages around for this scenario?
This is perfectly possible but is entirely dependant on the numbers involved eg your current commitments, your income and then the proposed mortgage. You won't need a BTL mortgage unless you are intending to rent it out.The property I am after is dirt cheap & won't hang around long, but I don't think I will have time to sell my first house & buy the next, however with a lower deposit I could afford it.
Incidentally, I can easily cover both mortgages from my wage if required so no danger of missing payments etc.
Are there any mortgages around for this scenario?
You may think that you can afford both mortgages but it will need to fit the lenders affordability calculations.
Feel free to drop me a PM if you want a chat
Slagathore said:
Could you release some equity from your existing home to use/put towards the deposit for the btl?
There's no need for a BTL mortgage if his intention is for the property to be his main residence meaning that he can go up to 95% LTV, as long as the figures involved stack up.Sarnie said:
Slagathore said:
Could you release some equity from your existing home to use/put towards the deposit for the btl?
There's no need for a BTL mortgage if his intention is for the property to be his main residence meaning that he can go up to 95% LTV, as long as the figures involved stack up.I need to pay more attention!!
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