I have found the first 80% LTV buy to let mortgage at a sensible rate. Now obviously being the first buy to let mortgage above 75% there are a few quirks. It's the first time I have seen this requirement but they need to see also:
20% of the property's value in equity in the rest of your portfolio.
Now I do not know if they actually go and value the other property but you do need to have another property which they can see equity in. Also it is unclear whether they take a 2nd charge on this other property but the good thing is its out there and ready to be applied for.
The property also needs to be a minimum value of £60,000. So if you want to go through some of our old property reports we have sent out and if the value of the property is greater than £60,000 then add another 5% as a cashback.
This should changed the figures by at least £3,000. So if there were any deals that were £3,000 all in then you can now expect to get this property for no money.
It really is the year of the property investor.
Posted on: 23rd Jan 2009