Likelihood of BTL Mortgage

[Graham_K]

Dear All,

Please can anyone tell me whehter in the current climate, I would be able to get a 100% BTL mortgage? - It would be a second mortgage, as I already have one rented property.

Alternatively, could I get my existing mortgage extended by £100k ?

Many Thanks
Graham

[jeffrey]

Please can anyone tell me whehter in the current climate, I would be able to get a 100% BTL mortgage? - It would be a second mortgage, as I already have one rented property.

Alternatively, could I get my existing mortgage extended by £100k?
Do not call it a second mortgage. That expression means a second charge against one property, created after another charge secured on it and still continuing to exist. Even though the new loan will be your 'second' borrowing, it would- I imagine- be secured as a first mortgage against the property which you want to acquire and finance by this means.

[Templar Mortgage Services]

Graham a 100% buy to let mortgage is impossible as the maximum loan to value on the market at present is 75% ltv.

You maybe able to release equity from your existing property to enable you to purchase the buy to let, feel free to provide me with some facts and figures if you want any further guidance.

Regards
Ryan

[Graham_K]

Graham a 100% buy to let mortgage is impossible as the maximum loan to value on the market at present is 75% ltv.

You maybe able to release equity from your existing property to enable you to purchase the buy to let, feel free to provide me with some facts and figures if you want any further guidance.

Regards
Ryan

Hi Ryan,

OK, Current Value of My Existing property is circa £100k, the mortgage at present is circa £80k, it was originally purchased for £106.5k with a £25k deposit. The mortgage has circa 24 years on it...

If you'd like to know more, please let me know...

Many THanks
Graham

[jeffrey]

But, on house1, the loan secured is already 80%. The mortgagee will therefore not allow you to increase it.

[Templar Mortgage Services]

Hi Graham

You would potentially have the ability to release some equity by remortgaging or taking a further advance from your current lender. However as you need a minimum of 25% to put down on a buy to let so this execise would be futile. I am sorry to be the bearer of bad news.

Ryan

[Graham_K]

Thats OK, Many THanks Ryan, I was just curious to see what the numbers were and if it could be done...

Many Thanks
Graham