Posted on 14 March 2010 by neil
I want to change my mortgage to a buy to let soon as I am moving in with my partner. Prices are down at present and I want to hold onto my property. I put a 10% deposit towards my flat, you need a 25% for a btl do I need to put 15% or another 25% towards it?
You are correct that you need a deposit of 25% to secure a Buy to Let (BTL) mortgage. If you already have 10% equity in your property, then you only need to add another 15% to reach this.
That said, if you can put in a larger deposit you will find that you have a far greater chose of lenders and combinations of mortgage rates, fees and repayment types.
I recommend that you speak to an independent mortgage broker who can demonstrate these options for you before you decide how to proceed.
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