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[quote][i]Originally posted by Rob B[/i] [quote][i]Originally posted by Ian[/i] You can probably get a fairly sensible LTV threshold without putting anywhere near that much down. Even going on the highest possible threshold I cound find just looking at a few lenders of 60%, that is still only £72k and that gives you access to every single mortgage product that they offer. Even with £50k down you are still above the 75% threshold which should still have some good rates in. Not as good as with more down but as you say, you can probably employ the spare money elsewhere. Your history of income may be a worry though, without knowing her salary it's difficult to know to what extent but she'll still have to satisfy an affordability ratio against her monthly income. I would assume they won't consider yours at all unless you can somehow self certify - although that itself probably introduces a few other issues. [b]Then you have the issue that holding money back is mathematically the same as lending it to yourself at the rate that you have agreed the mortage at. So if you keep £50k to spend on another house, it'll cost you £80k to do that in terms of what additional interest you will accrue on the residential mortgage.[/b] Plus BTL rates are typically poor, LTV will also need to be good on that property, small mortgage on a let means you have taxable income etc. etc. it's not just as simple as holding a bit back to go in to property. Also be wary of fixed rates particularly if they have a fee. When the rate runs out and you want to remortgage you'll have more fees. Attractive rates are usually negated by the resulting regularity of arrangement charges. 2 year at 3% might sound good but remember you're paying over £20pm on top of your projected payment because of what it cost you to agree to it. [/quote] Ian, what do you mean it would be like paying 80k instead of 50k? Sorry for my noobness :thumbs: Also, Mrs annual income is around 32k before tax. Mine is higher but not through means that can be submitted. (Not dodgy, just buying and selling of cars etc which i'm now setting a business up to do) [Edited on 01-08-2011 by Rob B] [/quote]
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