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buy to let mortgage deal

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  • buy to let mortgage deal

    Hi all.
    just after a little advice.
    I am self employed, have been for 2 years, i earn approx £20,000 per annun. i own 2 houses outright, one i live in, the other i rent out. valued at £12,000 and £100,000.

    I am wanting to buy another house valued at £155,000, i have said i will put £45,000 deposit and borrow the other £110,000.

    I`ve been offered a buy to let mortgage on the property over 20 years, the repayments are 550 on interest only or 750 on repayment, total payable back over 20 years is £220,000. So thats double with the interest. Is this a good deal. Also what happens if i want to sell the house after so many years, do i have to pay the whole £220,000 off minus what payments i have already made.

    thanks for any help.

    Bri.

  • #2
    Re: buy to let mortgage deal

    Hello Bri,

    What interest rate have you been quoted & is it a fixed / variable rate?

    For a BTL, most lenders require minimum £25k income. TMW (The Mortgage Works) will allow you to obtain a BTL mortgage as they have no minimum income requirement. In addition, Natwest have a minimum income of £25k in their criteria so they could be another option.

    In reference to the last sentence, you wouldn’t have to pay the full amount of interest due over the entire term (£220,000) – you only have to pay what is outstanding on the mortgage (plus any redemption penalty if applicable).

    Any other questions, feel free to ask!
    Ascot Mortgages
    www.ascotmortgages.co.uk

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