Can someone give me the lowdown on these, and how much a btl mortgage is likely to cost per month on a 50k property, and are there minimum deposits required ?

thanks

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dont think people are doing buy to let mortgages anymore mate. credit crunch hit them types of mortages first, if you do get one i recon your looking at a 30-40% deposite. i aint no finantual advisore though just read a lot.

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http://www.bmsolutions.co.uk/products/mortgages.asp?m_type=btl

i got a few buy to lets with BM link is above everything u need is on that site and so is the calculator to work out how much it will cost ya mate

regards
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my exand i split over a year ago,nd i want to buy him ot of family home and move in with my 3 kids.one of which my husand and i had together,the other 2 are from a previous rel....but hsband raised them,anyway.he agreed then dsagreed at last minute and he has 5 differnt scenarios sitting waiting on judge deciding who gets the house and all of them are buy to let .him keeping orignal mortgage of 31thousand and borrowing 40 thou to buy my half out .but the house is valued at 115 thou.,,but he had his figures drawn up recently and they all buy to let........................




meanwhile he now lives with his girlfriend,rents the house on the sly and refusing me and my kids inot the home because he changed the locks,and who is solicitors helping more.....yes him,cos he working full time and has done for over 30 years where as my life has bee similar but had time out ot have kids,,,,,,sods law its a mans world
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if you don't own the original.destroy backups ASAP

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Birmingham Midshires are still doing BtL mortgages. Last time I looked in nov they were at 5.49% guess they will be to 6% now. Dont forget your going in for interest only, so on 50k its about 190 a month. Dont forget the arrangement fees also.

I have a dozen properties and rents are so cool for me now!!lol..sorry to all those that cant get mortgages and have to pay rents, but it keeps me in business

Scouser

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are u able to make a living just from these properties robbie? if u dont mind me asking what sort of profit u talkin home per month from each property?
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barclays have a deeal at the moment for three or more properties

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There are still plenty of Buy To Let deals available there not great but they are out there.
The general rule is a 15% deposit. But as always cash is the king so the more you can put downt eh easier it gets.
Generally they do not require proof of your income but you do have to have an income.
The lending is usually based ona surveyors rental assessment of the property and the rent has to cover the mortgage using a rental yield calculation. i.e 125% at Bank of England plus 1.5% so if the expected rent was £500 the most you could borrow would be £73,000.
Beware of all the fee's that they want you to pay though.
If you want any more info or some specific examples let me know House price, amount of deposit and expected rent and I can have a look for you.
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Hi,

if you are still looking for a BTL, let me know,

I can put you in touch with one of my collegaues who deals with this and is Independant.

cheers.
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Halifax are still doing them as was talking to mortgage man when remortgaging my house last week
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http://www.disqworld.net/forums/viewtopic,p,1780771.html#1780771

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Hi,

The btl market is difficult at the moment,

My friend owns www.buytoletfinancial.co.uk which may be worth a look if you want a btl mortgage - they offer free advice with cashback on mortgages (he also runs www.mymoneymortgages.co.uk for residential loans).

He says they are seeing lots of BTL's mortgage offers drop off still because the income multiples on the rents simply arent high enough (even though rents have increased recently) to cover what the lenders are looking for before they are willing to offer loans/mortgages to landlords.
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'Most' surveyors will actually be open to your valuation. They do look at previous history of houses on road, but this doesn't take in account current market so tell them what you want it to be worth.

Try to put 25% down, whether its cash you have spare...lmao, or remortgage your house!!
yields are important as stated above, remember £1200 month on 1 house in london isn't as good as 3 houses in Warrington at £450-£500, and 1 empty isn't as big a hit as the single 1 in London.

6% yield on a £80000 house is the same as 6% on a £250000"!!!!


Rates are coming down, calculate interest rate and arrangement fee of all options. I work on the 2 years so all are comparable. You'll find overall thast there is not much difference. The arrangement fee can be added to the mortgage.

Hope it helps, and if I had money now i would buy more, bargains to be had!!

Rob
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Its not all rosie for btl, remember if you are putting your own deposit down that house prices are falling so you will be losing your equity...ie cash already, if it is long term then it could be worth it, also mortgages are expensive at the moment , my advic would be to hang fire and put your money in a bond somewhere for 6 months, somewhere with no risk ie.. government backed bonds.....
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http://www.disqworld.net/forums/viewtopic.php?t=65015

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Anyone looking at BtL at the moment should direct themselves to the auctions. Look at the selling history of a particular street, gives you a guide to value, then stick to this. Check the sums work out for you, 125% LTV etc.

Just picked up a bargain for £24k, newish build, last 2 years they sold for £75k+. my LTV comes in good and I 'should' make £110 month on rents. Probably an exception but there ARE bargains
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you found a place in Manchester for 24k ?

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