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Corsa Sport » Message Board » Off Day » House Day » buy-to-let help » Post Reply
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Cosmo |
posted on 10th Jun 07 at 20:49 |
some lenders will accept 10% for a BTL deposit, its just a case of seeing what deals are about. Most will want the rent to be around 125% of the mortgage cost though. | |
M2RTY |
posted on 10th Jun 07 at 16:20 |
Ps i know the house is good structually as my folks have lived next door for 28 years | |
M2RTY |
posted on 10th Jun 07 at 16:19 |
quote: guys mega rich, does not need the money, does not care about making 50k or so on it lol | |
Colin |
posted on 10th Jun 07 at 13:52 |
Is it only me thats wondering why the guy that owns it has let it get into such a state & hasnt developed it & sold/rented it out himself, if you say he has a few houses you'd think he'd have half a brain as to how to make some money from them :boggle: | |
Colin |
posted on 10th Jun 07 at 13:49 |
You could maybe buy it under normal terms, use your money to do it up then remortgage to a btl one once the works done & use some of the increased survey value as a deposit. I think you can do that. | |
M2RTY |
posted on 10th Jun 07 at 13:44 |
so 25% of the value when you buy it? | |
Colin |
posted on 10th Jun 07 at 13:43 |
Also if you get a normal mortgage & rent it out I think you could hit a problem with insurance etc, also if the mortgage company found out they might not be happy. Everythings got to be text book when it comes to owning a house im afraid. | |
Colin |
posted on 10th Jun 07 at 13:41 |
iirc for most btl mortgages the lender asks for a 25% deposit............they might not all be like this however, im sure there will be exceptions to the norm. | |
M2RTY |
posted on 10th Jun 07 at 13:38 |
the house next to my parent's house has been empty for about 7 years, the guy who owns it has a few houses and comes once every few months to check its OK - it is a total mess, needs windows, roof, floor, kitchen, heating, doors, garden and bathroom as it has none! |