buy to let mortgage with 10% deposit?

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buy to let mortgage with 10% deposit?

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zoe

Posts: 4
Joined: 11/1/2001

buy to let mortgage with 10% deposit?

hello - does anyone know where I could find a buy-to-let mortgage with a 10% deposit requirement? I have found some with 15% but none lower.

Very grateful for any help,thankyou.

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Report Abuse | Date 1/11/2001 9:19:00 PM

Guest

buy to let mortgage with 10% deposit? (in reply to zoe)

I would also like to know about this, as I can only muster about 10% of the sort of property I want. What if I owned my own property and had paid off my 5% deposit and around 10% of the capital. Could I then remortgage my own house on a buy to let mortgage and take out a new one for 90% of the new house? Would I have to move?

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Report Abuse | Date 6/11/2001 5:48:00 PM

Eddie Grogan

Posts: 56
Joined: 3/8/2001

buy to let mortgage with 10% deposit? (in reply to zoe)

Not wanting to dull your enthusiasm, but I would have to say that most investors would not recommend that you go into a buy to let venture if you can't afford any more than a 10 percent deposit. It usually is safest to only get involved if you have sufficient cash reserves to decorate and maintain the property to a high standard, as well as having a fair sized cash pot available to service your mortgage debt during void periods and in case of emergencies. If you are having to stretch things just to get started, it doesn't bode well for later on.
That said, I don't actually know of any lenders who will allow you a 90 percent buy to let mortgage.

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Report Abuse | Date 8/11/2001 2:25:00 AM

Belladonna

Posts: 2
Joined: 24/1/2001

buy to let mortgage with 10% deposit? (in reply to zoe)

www.delphpropertygroup.com do offer some 10% schemes. However the scheme on offer is slightly different to traditional buy to let, as you receive a fixed income for 12 years based on the purchase price not income from the tenants rent. The criteria for being eligible for 10% schemes are quite stringent as well. Also on offer is a roll up mortgage where you roll up the interest payments over a 12 year period - all quite revolutionary but you still have to pay a hefty deposit. Worth a look if you're looking for something to replace a pension.

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Report Abuse | Date 13/11/2001 5:34:00 PM

Guest

buy to let mortgage with 10% deposit? (in reply to zoe)

quote:
Originally posted by zoe:
hello - does anyone know where I could find a buy-to-let mortgage with a 10% deposit requirement? I have found some with 15% but none lower.
Very grateful for any help,thankyou.

Zoe

assuming you have a current residential property, then instead of going for a buy to let on new property, do a let to buy. this means you plan to rent your existing property, so that the new prop is bought on a residetial mortgage - allowing you to put down 10% residential deposit! ask mort brokers about let to buy mortgages for further details.

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Report Abuse | Date 23/7/2002 8:25:00 PM

zoe

Posts: 4
Joined: 11/1/2001

buy to let mortgage with 10% deposit? (in reply to zoe)

Thanks to everyone who replied, some helpful info there - I was looking into buy to let mortgages as I coudn't afford to buy my first property and pay off the mortgage myself at the time and was thinking of renting a house until I could afford to take over the payments myself and move in. Things have changed now and I'm going through the hideous process of buying for myself right now - I'd heard it was bad but this is HELL! (see new post)

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Report Abuse | Date 26/7/2002 3:50:00 AM

Ayshe

Posts: 131
Joined: 25/8/2005

RE: buy to let mortgage with 10% de... (in reply to zoe)

There are a few comapnaies that offer a 89% LTV mortgage, but the criteria set as well as fees/penalties are pretty hefty.

Jag

Report Abuse | Date 28/3/2006 12:43:08 PM

landlordmortgages

Posts: 3
Joined: 11/12/2006

RE: buy to let mortgage with 10% de... (in reply to zoe)

The buy to let scheme did create the opportunity of gearing on a large scale but lending is only provided on a serviceable basis i.e. you should not expect to borrow 90% if you do not have sufficient projected rental income to service the loan. You may find that figures do not stack when you are near to the 90% mark UNLESS you are truly buying at under market value.

Regards
Lee Grandin

< Message edited by Admin -- 8/9/2007 5:36:07 PM >

Report Abuse | Date 11/12/2006 2:18:38 PM

simhar

Posts: 96
Joined: 5/4/2007

RE: buy to let mortgage with 10% de... (in reply to zoe)

Zoe,

Some people even get a standard mortgage on a property, then contact their mortgage lender and say they wish to let it out. The mortgage lender then (after a small admin fee 200 quid) give permission for them to let it out.

This means they rent out a house at with a normal mortgage rate !

simhar

email: simhar@talk21.com

< Message edited by Admin -- 8/9/2007 5:36:23 PM >

Report Abuse | Date 9/5/2007 5:15:18 PM

MarkD

Posts: 3
Joined: 2/3/2007

RE: buy to let mortgage with 10% de... (in reply to zoe)

You could purchase with little or no money down using a gifted deposit Buy To Let Mortgage offering, one lender will accept a 15% builders deposit or 10% vendor deposit, all subject to the rental cover etc...

Mark D

< Message edited by Admin -- 8/9/2007 5:36:51 PM >

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Report Abuse | Date 10/5/2007 5:19:55 PM

JGrantworth

Posts: 1
Joined: 13/5/2007

RE: buy to let mortgage with 10% de... (in reply to zoe)

Yes. Mark is right.

You can purchase new build off-plan and 2nd hand buy to let property with zero money down. If you can negotiate a 15% discount with the builder or vendor there is no need for a deposit. The mortgage is 100% on the purchase price so there is an immediate 15% equity in the property from day one. Even if the property does not 'stack-up' rental-wise it can still proceed as any deficit in the rental cover can be satisfied with income status

No Money Down Buy To Let Mortgage Specialists
http://www.letmortgages.com
Tel: 0845 873 7495

_____________________________

Report Abuse | Date 13/5/2007 9:03:53 PM

simhar

Posts: 96
Joined: 5/4/2007

RE: buy to let mortgage with 10% de... (in reply to zoe)

With rising interest rates you may have to consider the profit margin on such a venture.

Cheers

simhar

email: simhar@talk21.com
web: Properite Landlord Software

Report Abuse | Date 25/5/2007 7:29:47 AM

parv1

Posts: 3
Joined: 12/7/2007

RE: buy to let mortgage with 10% de... (in reply to zoe)

Hello,

I work for a Buy To Let company, Complete Property Investments. We offer high profile properties and give a deposit assistance of 10-15% on a property. This way you receive instant equity. It is truely a hassle-free process with minimum risk but high return aspects drawing buyers such as yourself to our company. We only deal with high spec, bespoke properties. I would like to inform you more about our company and the way we work. Please give me a call on 0121 452 5600 to learn more about Buy To Let and include yourself in this exclusive realm of property development. Alternatively you can email me on sryan@completepi.com if you are interested and I will send you some information. Think about it this way, we can make you money instantly. You can sit back and relax while the property culture grows itself and we take you to the front.

Kind Regards

Parv

Report Abuse | Date 13/7/2007 5:36:54 PM

nickproject

Posts: 4
Joined: 6/8/2007

RE: buy to let mortgage with 10% de... (in reply to zoe)

Hi Zoe,

I think it's worth givign The Money Centre a go, I recall from a workshop that they offer 90% LTV buy to let mortgage - quotes are online and realtime, so there isn't much to looses,

nickproject

< Message edited by Admin -- 8/9/2007 5:37:35 PM >

Report Abuse | Date 6/8/2007 12:16:16 PM

simhar

Posts: 96
Joined: 5/4/2007

RE: buy to let mortgage with 10% de... (in reply to zoe)

Sounds good advice to me !!

cheers

simhar

email: simhar@talk21.com

< Message edited by Admin -- 8/9/2007 5:37:10 PM >

Report Abuse | Date 7/9/2007 5:59:42 PM

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