AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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I'm interested in buying a property, but i have already got a mortgage (joint) on a flat.
Is it correct that most lenders will stick to the rule '1 mortgage per person'.... does a joint mortgage come into this?
any words of wisdom..... i'm off to google it, but would like to know of any real life situations.
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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you can have as many mortgages as you like but your income will need to cover both
mortgages are my forte 
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Paul H
Member
Registered: 11th Aug 03
Location: Lincoln.
User status: Offline
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quote:
Originally posted by Kerry
you can have as many mortgages as you like but your income will need to cover both
mortgages are my forte
does that apply in scotland though
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Tiger
Member
Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
User status: Offline
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I applied for a mortgage for the fun of it the other day. They will let me borrow £60,000 - Bloody good of them I must admit, but, like thats gonna buy me maybe a lean to?
Ben.
[Edited on 05-03-2006 by Tiger]
[Edited on 05-03-2006 by Tiger]
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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lenders credit policys dont differ its just the process of purchasing a property thats different in scotland
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Paul H
Member
Registered: 11th Aug 03
Location: Lincoln.
User status: Offline
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quote:
Originally posted by Kerry
lenders credit policys dont differ its just the process of purchasing a property thats different in scotland
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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I looked at it for buying another flat to let. Needed 15% down to be sqaure on rental income though, so I shelved the idea. They were prepared to lend 85%.
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by Ian
I looked at it for buying another flat to let. Needed 15% down to be sqaure on rental income though, so I shelved the idea. They were prepared to lend 85%.
buy to let mortgages differ to residential mortgages
most lenders only go to 80/85% max on buy to lets and again credit policy is different to residential and from lender to lender
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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students can get buy to let mortgages 
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John_C
Member
Registered: 5th Mar 03
Location: South east, Bromley
User status: Offline
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buy to lets are easy 2 get if u have the 15% deposit.
northern rock will lend up to 89% but i expect fees and rate to be high
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by John_C
buy to lets are easy 2 get if u have the 15% deposit.
northern rock will lend up to 89% but i expect fees and rate to be high
higher lending charges are usually over 90%
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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if i did do it.... i'd prob want to put down about 20k.....
Are rates much higher on 'buy to let' mortages? Do lenders get the hump if a property is bought and let'd on a conventional mortgage?
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John_C
Member
Registered: 5th Mar 03
Location: South east, Bromley
User status: Offline
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quote:
Originally posted by Kerry
quote:
Originally posted by John_C
buy to lets are easy 2 get if u have the 15% deposit.
northern rock will lend up to 89% but i expect fees and rate to be high
higher lending charges are usually over 90%
shop around there'll b lenders that wont charge a hlc. fees can be up 2 1.5%
of the loan.
http://www.mortgagesforbusiness.co.uk/
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