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  1. #261

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    Quote Originally Posted by Uncle Spielberg View Post
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    Generally

    basic rate tax payers loan x 5.50% x 125%
    higher rate tax payers loan x 5.50% x 145%

    Lenders who lend based on overall personal income, rent and commitments, Barclays, Clydesdale Bank and the Furness Building Society, 25% deposit needed
    Can you give an example on say for example someone earning 30K?

    Can bonuses on wages be considered when borrowing?

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    • #262

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      Quote Originally Posted by Renegade1 View Post
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      Can you give an example on say for example someone earning 30K?

      Can bonuses on wages be considered when borrowing?
      Have you considered it might be actually time to get some proper, personalised advice?
      Well the thirty minutes are almost up Swindon fans but your not there yet. in it goes (yyyyyyeeeessssssss) ooohhh its gone in, Brighton in added on time have snatched a goal through Virgo!!! Incredible!! Once again there is late, late, late drama in the playoffs!!

      Unused substitute REMF 5.

      Proud owner of Hendersons Gloves from 18/10/2005. Crystal Palace 0-1 Brighton And Hove Albion
    • #263
      Members Uncle Spielberg's Avatar
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      0 Not allowed!
      Quote Originally Posted by Renegade1 View Post
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      Can you give an example on say for example someone earning 30K?

      Can bonuses on wages be considered when borrowing?
      again it is based on rental income what they will lend
      Spielberg is GOD.
    • #264

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      Quote Originally Posted by Da Man Clay View Post
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      Have you considered it might be actually time to get some proper, personalised advice?
      I have from someone on here.

      Does your question apply to anyone else on here asking questions? Is it a problem to have a thread where members are posting
      their questions,advice,opinions etc? Isn't that how forums survive?

      Is anyone on here being forced to answer me or anyone else?

      Do you normally come in late into a thread and troll?

      Can you now please run along and troll somewhere else.
    • #265
      Members Uncle Spielberg's Avatar
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      I don't think I can add anymore to this subject as it has been said so will leave now. Pm me if anyone needs any personal advice
      Spielberg is GOD.
    • #266
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      Quote Originally Posted by Renegade1 View Post
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      I am with Nationwide who don't lend for BTL so would have to change.
      Dig deeper my friend - The Mortgage Works do BTL mortgages and guess what, they're owned by ...... Nationwide.

      Basically, Nationwide BTL products all come under a separate business line / division called The Mortgage Works.

      Stop thinking all mortgages are equal - a BTL mortgage is a business loan and should not be confused with your personal home / residence and any loan upon it.
    • #267
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      Quote Originally Posted by Renegade1 View Post
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      Very interesting.

      So basically so long as you have a deposit of at least 25% and the rent will cover the interest only mortgage you can pretty much borrow for as many properties as you want?

      If you for example had 100K, would you use that for a deposit for one property or go for 2 or even 3?

      Is there any relevance to the capital you have in your own home?does it help?
      You've missed the earlier post from Uncle that explains.

      In very simple terms a BTL affordability check is based on the rentable value of the property [as assessed by the surveyor] and your mortgage repayments.

      So, if the rent is based on £1,000 pcm your mortgage payment must be less than 125% of this [for a normal rate tax payer] aka £1,250.
      With £100k to invest, you need to write yourself a little spreadsheet that crunches the numbers for you to see if your expected rental covers 125% of you mortgage payment.
      Obviously, the purchase price, less the deposit equals your borrowing mortgage requirement. Now do the sums ....
      This loan will not be secured on any other asset like equity in your primary residence - it is a standalone mortgage on a single BTL property.
      Likewise, it's not directly means tested to your income, it's all about the 125% [or 145% for some].

      So armed with that info, you can now decide for yourself how you might be able to use your £100k as deposit(s) in the BTL business.
    • #268
      Resident pedant Triggaaar's Avatar
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      Quote Originally Posted by Renegade1 View Post
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      This is for me.I will be buying a property.Intended on 1 then considered 2 smaller ones.
      Looking at Right Move you would get more for 2 smaller units however depends how much
      And the two smaller ones cost half what the more expensive one costs?

      Will also look into an equity release loan should I want to buy another.
      Basically that's just a re-mortgage?
      No, but either works. An equity release loan mean keeping your current mortgage and having another on top. I can't remember what excuses I've used for getting them in the past, but they would have included lies like 'property renovation', 'loft conversion' or similar

      I am with Nationwide who don't lend for BTL so would have to change.
      Change? You mean your current home has a Nationwide mortgage - that doesn't need to change. Just come up with a plausible excuse for wanting an equity release loan. Maybe you borrowed money from family to buy the property, and want to pay them back

      Please note that comments I make may not be ethical, but since I don't answer to the financial ombudsman, they don't have to be
      Any risks you take are yours, not mine, etc etc.
      Hold tight, my man
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    • #269
      Resident pedant Triggaaar's Avatar
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      Quote Originally Posted by Renegade1 View Post
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      I have from someone on here.

      Does your question apply to anyone else on here asking questions? Is it a problem to have a thread where members are posting
      their questions,advice,opinions etc? Isn't that how forums survive?

      Is anyone on here being forced to answer me or anyone else?

      Do you normally come in late into a thread and troll?
      He's not trolling, he's (I think) simply saying you could pop into any estate agent that has a mortgage advisor and go through all this with them.

      Can you now please run along and troll somewhere else.
      Oh I say.
      Hold tight, my man
      He's got the frisbee
    • #270

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      Quote Originally Posted by Triggaaar View Post
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      He's not trolling, he's (I think) simply saying you could pop into any estate agent that has a mortgage advisor and go through all this with them.

      Oh I say.
      Quote Originally Posted by Triggaaar View Post
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      He's not trolling, he's (I think) simply saying you could pop into any estate agent that has a mortgage advisor and go through all this with them.

      Oh I say.
      Exactly both of those things. It’s a 30 page thread nigh on containing some quite excellent advice. Realistically for me when you start asking for personalised projections it’s gone a bit beyond what this type of thread is for.

      I’m not exactly one for trolling.
      Well the thirty minutes are almost up Swindon fans but your not there yet. in it goes (yyyyyyeeeessssssss) ooohhh its gone in, Brighton in added on time have snatched a goal through Virgo!!! Incredible!! Once again there is late, late, late drama in the playoffs!!

      Unused substitute REMF 5.

      Proud owner of Hendersons Gloves from 18/10/2005. Crystal Palace 0-1 Brighton And Hove Albion

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