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Corsa Sport » Message Board » Off Day » House Day » mortgage with no deposit . anyone who works in a bank » Post Reply
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Toby |
posted on 11th Mar 11 at 17:33 |
i think you would get a better deal on getting a 100K mortgage on a rental property than try and get 25k on your and 75k BTL espically since the fees are astronomical, arrangment fee on that money will be about 2.5-3k | |
baza31 |
posted on 11th Mar 11 at 17:17 |
To answer been to bank , quite simple . I need 25% so 25 grand deposit. I get a mortgage of 25k on my house I own , and a new one of 75k . Jobs a good en and bank will back me so just need to get offer accepted now. | |
Toby |
posted on 11th Mar 11 at 12:49 |
quote: Not on a BTL mortgage its based upon the value of the property and the potential rental income. You do however need a massive desposit, i would say at least 20% and the arrangement fees are massive | |
John |
posted on 10th Mar 11 at 09:46 |
That might do, quite lucrative. | |
Russ |
posted on 10th Mar 11 at 09:30 |
quote:what about searching families lofts for cash? | |
John |
posted on 10th Mar 11 at 09:24 |
They'll also require you to meet affordability for the mortgage, I don't think they'll take buying imaginary cars as legitimate income. | |
Russ |
posted on 10th Mar 11 at 09:22 |
You'd need to remortgage your property for a large enough amount to use as a deposit that matches your lenders deposit% on BTL properties | |
baza31 |
posted on 10th Mar 11 at 09:20 |
quote: the house i own i would say is worth 90ish , the house i want to buy is about 110 depending on the agreement. | |
baza31 |
posted on 10th Mar 11 at 09:19 |
i see. so could i take out the deposit from the house i own , i.e 20grand deposit and lend 80 from the bank? | |
Russ |
posted on 10th Mar 11 at 08:44 |
English? | |
Kerry |
posted on 10th Mar 11 at 08:44 |
remortgage the house you own outright for the funds? | |
baza31 |
posted on 10th Mar 11 at 08:34 |
As above, i have seen another house i want , i want a buy to let and i need £100k, i dont want to put down much as i am on with another project at the moment. Do you think the bank would give me 100k and i rest this mortgage on another house i own outright with no mortgage? or do you reckon they will tell me to jog on? i can easily afford payments for the mortgage and they can see this as i bank with them. |