corsasport.co.uk
  Not logged in [Login - Register]  
You Are Not Registered Or Not Logged In  

Corsa Sport » Message Board » Off Day » House Day » mortgage with no deposit . anyone who works in a bank » Post Reply

Post Reply
Who Can Post? All users can post new topics and all users can reply.
Icon:
Formatting Mode:
Normal
Advanced
Help
Insert Bold text Insert Italicized text Insert Underlined text Insert Centered text Insert a Hyperlink Insert Email Hyperlink Insert an Image Insert Code Formatted text Insert Quoted text
Message:
HTML is Off
Smilies are On
BB Code is On
[img] Code is On
Post Options: Disable smileys?
Turn BBCode off?
Receive email notification of new replies?

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:
Originally posted by John
They'll also require you to meet affordability for the mortgage, I don't think they'll take buying imaginary cars as legitimate income.


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:
Originally posted by John
They'll also require you to meet affordability for the mortgage, I don't think they'll take buying imaginary cars as legitimate income.
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

[Edited on 10-03-2011 by Russ]


baza31

 posted on 10th Mar 11 at 09:20

quote:
Originally posted by Kerry
remortgage the house you own outright for the funds?
as long as it doesnt go over the max ltv (loan to value) that the lender has i.e 80% of property value


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?

You own a house but the mortgage is paid? You want 100k to buy a house that is for sale for 100k? and you plant to rent it out?

That correct.

Answer - no. you need to put a 15% deposit (at least) on a buy to let property. if you would need to either a) remortgage your property that is mortgage free for 15k, then borrow the other 85k.

Or remortgage your property for 100k, and buy your BTL property outright


Kerry

 posted on 10th Mar 11 at 08:44

remortgage the house you own outright for the funds?
as long as it doesnt go over the max ltv (loan to value) that the lender has i.e 80% of property value


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.