[Finance] Buy to Let Mortgages

cjd · Mar 16, 2018

dazzer6666 said:
Useful reading here....

https://www.landlords.org.uk/forum-topic/terminating-agency-contract

Once again huge thanks from me, for finding and posting the relevant information.

Following a fairly lengthy phonecall with my Letting Agents this morning, we have agreed a compromise mainly in my favour. The end result will mean I'm a few hundred pounds better off each month. Without the information you posted I would have been negotiating from a position bordering on ignorance of the rules and law.

Thank you.

Triggaaar · Mar 16, 2018

Renegade1 said:
Brilliant.

Did it work out well for you?

If you want to make money you have to take a chance I guess.

Not bad, the credit crisis was a worry and I sold what I had to in 2008. In the 90s I was sure that property was undervalued and would rise a lot, but I didn't realise it would just keep going, and going, and going. Still, at least I grabbed a little piece of the pie.

Triggaaar · Mar 16, 2018

Renegade1 said:
So.If someone earned the required salary and had the required 25% deposit for a property which was to be let for
£1000, what is the max they could borrow? Would it be whatever £750 per month would cover as that
would allow for the 125%?

£800.

2 plus 2 is 4, minus 1 that's 3 quick maths.

LlcoolJ · Mar 16, 2018

Triggaaar said:
£800.

2 plus 2 is 4, minus 1 that's 3 quick maths.

I already said that......... but without the Big Shaq reference. [emoji23]

Triggaaar · Mar 16, 2018

LlcoolJ said:
I already said that

So you did, I hadn't read past his post.

......... but without the Big Shaq reference. [emoji23]

Well, it would be for LlcoolJ to steal from the master.

Renegade1 · Mar 16, 2018

SK1NT said:
Gaming? What i suggested would be legal though? it seems like the only decent to get on the property ladder.

Don't forget if your sister takes out a BTL and can borrow more than on a residential,she has to allow for interest rate rises as they won't always be this low.This is something I need to take into account also.

Renegade1 · Mar 16, 2018

Herr Tubthumper said:
But most of the time it’s where you live where you pay tax. We’re you living in the UK at the time?

Yes I was living in the UK.

Your Mum · Mar 16, 2018

Triggaaar said:
I grabbed a little piece of

...your mum's

pie.

Renegade1 · Mar 16, 2018

Triggaaar said:
£800.

2 plus 2 is 4, minus 1 that's 3 quick maths.

It's a straight forward question.

I've used a couple of online calculators and its around 185/180K.Not sure how accurate that is.

If you have the rental amount you should be able to work it back and work out what you can borrow.

Triggaaar · Mar 16, 2018

Renegade1 said:
It's a straight forward question.

What is?

Weststander · Mar 16, 2018

Uncle Spielberg said:
Lets put this to bed

You need a 20% deposit minimum ideally 25%
The loan is based on the rental income of the property unless you try Barclays, Clydesdale or Furness who do it on overall income and expenditure
It is based on 125% or 145% x 5.5 % rental yield usually depending on your tax rate
It is not treated the same as a residential mortagage, ie income multiples of income
most lenders ask for a 25 k or at least 20 k personal income unless you try someone like aldermore, bm solutions, new street or the mortgage works who have no minimum income
most lenders need you to be a residential mortgage holder bar a few

I hope this helps

20 hours later & it's not been put to bed!

LlcoolJ · Mar 16, 2018

Triggaaar said:
What is?

This is getting painful.

http://www.dailymotion.com/video/x4n167

Renegade1 · Mar 16, 2018

Triggaaar said:
What is?

Who?

Renegade1 · Mar 16, 2018

Well done guys.We've got this up to 40 pages.50 is the next target to break the all time record on the longest BTL
thread on a football forum.

(anyone who's offended by this thread should bog off)

What do you guys think the interest rate will be in 3 years then 5 years( should easily get me 10 pages).

dazzer6666 · Mar 16, 2018

Renegade1 said:
Well done guys.We've got this up to 40 pages.50 is the next target to break the all time record on the longest BTL
thread on a football forum.

(anyone who's offended by this thread should bog off)

What do you guys think the interest rate will be in 3 years then 5 years( should easily get me 10 pages).

Doesn’t count towards the record, as repeated answers are redacted. It’s actually only 4 meaningful posts.

I’m not offended by the way, but have found the whole thing very entertaining, so thanks.

knocky1 · Mar 16, 2018

Triggaaar said:
Not bad, the credit crisis was a worry and I sold what I had to in 2008. In the 90s I was sure that property was undervalued and would rise a lot, but I didn't realise it would just keep going, and going, and going. Still, at least I grabbed a little piece of the pie.

Same here. Timing is very important. In London in 1997 the asset price equalled 5 years gross rental income. I even had one that a year's rent equalled the asset price. Everyone told me not to buy it!

Got out too early but glad I got in when I did. At least CGT was "voluntary" then but I'd rather sell today and pay the tax.

LlcoolJ · Mar 16, 2018

dazzer6666 said:
Doesn’t count towards the record, as repeated answers are redacted. It’s actually only 4 meaningful posts.

I’m not offended by the way, but have found the whole thing very entertaining, so thanks.

I'm not offended by the thread as there's a lot of good and useful information on it.

Plus one bloke who can't read, can't do maths, asks the same questions over and over again and probably shouldn't get into BTL investment because of all of the above.

It's tiresome but in no way offensive.

Renegade1 · Mar 16, 2018

dazzer6666 said:
Doesn’t count towards the record, as repeated answers are redacted. It’s actually only 4 meaningful posts.

I’m not offended by the way, but have found the whole thing very entertaining, so thanks.

?? But I've written more than 4 post's

Renegade1 · Mar 16, 2018

LlcoolJ said:
I'm not offended by the thread as there's a lot of good and useful information on it.

Plus one bloke who can't read, can't do maths, asks the same questions over and over again and probably shouldn't get into BTL investment because of all of the above.

It's tiresome but in no way offensive.

Don't be so hard on yourself even if you are a .........

dazzer6666 · Mar 16, 2018

Renegade1 said:
?? But I've written more than 4 post's

Indeed. Well done.

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