Got something to say or just want fewer pesky ads? Join us... 😊

[Finance] Buy to Let Mortgages



Bold Seagull

strong and stable with me, or...
Mar 18, 2010
29,716
Hove
Er, what? What is this opinion based on? I've never had any contact from any mortgage provider about where any money has gone once the money has been received. Once you have a mortgage and are paying it on time, that's it. They don't send PIs round to check on you.

Tom Selleck did come round mine as it happens.

Happy to also endorse [MENTION=3887]Uncle Spielberg[/MENTION] and wish him luck on his new venture.
 

Uncle Spielberg

Well-known member
NSC Licker Extraordinaire
Jul 6, 2003
42,770
Lancing
Hi all.

Looking to get a buy to let mortgage for a flat.Wondering if there are any experts here who can advise
on the best deals?
I could get a further advance on a Nationwide Mortgage at a low rate however you can't use it to buy a property
to let (would they know?)

Buy to let rates are high after the first 2 years so is it easy enough to re-mortgage after 2 years
and continue with the low rates or will I be stuck with the higher rates?

Many thanks

Most lenders are ok with this. After the 2 years, most buy to lets are over 2 years rates as most landlords do not want to tie in with penalties for say 5 years as they like the flexibility of being able to sell an asset and not be tied in for a 5 year penalty period. The main issue with buy to lets is the rental income needed to cover stress tests especially in london and the south east
 

Uncle Spielberg

Well-known member
NSC Licker Extraordinaire
Jul 6, 2003
42,770
Lancing
Well, I think the important question is not 'how would they find out?', more what happens if they do - It's basically fraud right?

It is imperitive to be upfront with the lender
 


Uncle Spielberg

Well-known member
NSC Licker Extraordinaire
Jul 6, 2003
42,770
Lancing

Uncle Spielberg

Well-known member
NSC Licker Extraordinaire
Jul 6, 2003
42,770
Lancing
Nationwide have an issue with raising money to buy a second property. Nat West and Santander are a good alternative
 


Triggaaar

Well-known member
Oct 24, 2005
49,900
Goldstone
Anyone living in a rented property, and who is unclear if their landlord is declaring income, should inform HMRC.
Don't be daft. No one can really know if the landlord is declaring the income, so you're saying everyone in rented property should inform HMRC. They wouldn't have the manpower to deal with all the letters.
 


Uncle C

Well-known member
Jul 6, 2004
11,678
Bishops Stortford
Don't be daft. No one can really know if the landlord is declaring the income, so you're saying everyone in rented property should inform HMRC. They wouldn't have the manpower to deal with all the letters.

You'd be surprised how many landlords feel compelled to boast about having one over on HMRC.
 


Notters

Well-known member
Oct 20, 2003
24,865
Guiseley
Stop me if I'm wrong here but surely by taking out a non buy to let mortgage in order to afford to buy a property that one couldn't otherwise afford, wouldn't one potentially be forcing up house prices artificially depriving a household of a home that they would otherwise be able to afford and condemning them to a life of rental?
 

Uncle Spielberg

Well-known member
NSC Licker Extraordinaire
Jul 6, 2003
42,770
Lancing
Stop me if I'm wrong here but surely by taking out a non buy to let mortgage in order to afford to buy a property that one couldn't otherwise afford, wouldn't one potentially be forcing up house prices artificially depriving a household of a home that they would otherwise be able to afford and condemning them to a life of rental?

Yes that is why the tories have imposed massive handbreaks on the market the last year, the idea was to give first time buyers a better chance but that has not really panned out in hindsight
 

Bold Seagull

strong and stable with me, or...
Mar 18, 2010
29,716
Hove
Stop me if I'm wrong here but surely by taking out a non buy to let mortgage in order to afford to buy a property that one couldn't otherwise afford, wouldn't one potentially be forcing up house prices artificially depriving a household of a home that they would otherwise be able to afford and condemning them to a life of rental?

I think it is called capitalism.
 


looney

Banned
Jul 7, 2003
15,652
Stop me if I'm wrong here but surely by taking out a non buy to let mortgage in order to afford to buy a property that one couldn't otherwise afford, wouldn't one potentially be forcing up house prices artificially depriving a household of a home that they would otherwise be able to afford and condemning them to a life of rental?

Parasite Capitalism where a beggar my neighbour system replaces endeavour on an over crowded Island. I myself would put a massive tax on second homes and use the dosh to start deporting undesirables. In the age where middlemen are being squeezed out by new technology I dont want to create a new class of people geared to screwing over other people based entirely on their credit rating.
 

beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,237
Parasite Capitalism where a beggar my neighbour system replaces endeavour on an over crowded Island. I myself would put a massive tax on second homes and use the dosh to start deporting undesirables. In the age where middlemen are being squeezed out by new technology I dont want to create a new class of people geared to screwing over other people based entirely on their credit rating.

they do, CGT applies on sale and income tax on rents. if you mean you want to apply punitative taxes, what happens to the rent market? or we could just build more house to address the core problem.
 

Albion and Premier League latest from Sky Sports

Paying the bills

Latest Discussions

Paying the bills

Paying the bills

Paying the bills


Top
Link Here