We want to do a Buy to Let. Our joint income is £104,000, with a £20,000 deposit, do you think we can get the mortgage?
Posted on 11 March 2014 by Farah
I own my current property with my partner, and we bought it a year ago for £250,00. We would now like to buy a second property on a buy to let basis, our income together is £104,000, and we have a £20,000 deposit ready. Are there any forseeable obsitcles in our way with regards to being rejected on applying for a second mortgage?
The fact that you are home owners and your income is good will enable you to have access to a lot of buy to let deals. The only obstacle I can forsee is the amount of deposit you have to invest as typically competitive deals require 25% deposit, although there are some which offer terms with 20% or even 15% deposit. Of course the last two will be more expensive in terms of rates and lender’s fees. The rental income also have to be robust to support a mortgage on a higher interest rate.
I think it would be worth exploring your options in a bit more detail, and you can do this by contacting one of our consultants on 0344 346 3672 and they'll be able to give you an idea of how we can help.
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