Posted on 2 June 2014 by Glen
Hi, My wife and I are thinking about buying a Buy to Let. Our property is worth about £250K with outstanding mortgage of £22k. We have savings of £30k and our joint income is around £75k. Please could you advise me the best way to go about buying BTL? Many Thanks.
If you are looking to take the mortgage out on the property you are buying, most Buy To Let lenders look at a 25% deposit to access the better rates. They will also need the rental income to cover 125% of the monthly mortgage payment calculated at a notional rate of 5%.
Alternatively you could look at raising some or all of the monies against your current main residence. We could approach your current lender to see if they'd look at a further advance or have a look at moving to a new lender depending upon what rates are available to you.
On the face of it, this seems like something that should be feasible. The next stage would be to call one of our consultants on 0344 346 3672 and they'll be able to give you an idea of how we can help and discuss your options in more detail.
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