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Buyer71

Buy to Let Mortgages in the UK

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Hi,

 

Does anyone know which UK based lenders are happy to lend on a UK buy to let property at reasonably competitive rates.

 

As the pound is so poor against the $ we want to retain a foothold on the UK property market to benefit from any capital growth and still have flexibility to move savings across to Australia when the exchange rate is more favourable for the balance. Therefore we are looking at 2 properties where we would use a 30% deposit. Looking at the likely rent and the revised affordability criteria we are quoted at 145% of mortgage costs based on rates of 5.75% the net position is still a positive return of just over 50 pounds a month, so the numbers stack up.

 

However we have found one lender at an affordable rate 3.29% for 5 years (but the timeframes mean a completion in 6 weeks with no flexibility) and the other 3 our broker knows are quoting rates well over 4% for 2 year fixes.

 

Although we can afford cash we wanted to use a lenders money to work and then use our other savings towards a smaller Melbourne house than originally wanted, which could either be invested in longer term or traded up.

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Hi,

 

Does anyone know which UK based lenders are happy to lend on a UK buy to let property at reasonably competitive rates.

 

As the pound is so poor against the $ we want to retain a foothold on the UK property market to benefit from any capital growth and still have flexibility to move savings across to Australia when the exchange rate is more favourable for the balance. Therefore we are looking at 2 properties where we would use a 30% deposit. Looking at the likely rent and the revised affordability criteria we are quoted at 145% of mortgage costs based on rates of 5.75% the net position is still a positive return of just over 50 pounds a month, so the numbers stack up.

 

However we have found one lender at an affordable rate 3.29% for 5 years (but the timeframes mean a completion in 6 weeks with no flexibility) and the other 3 our broker knows are quoting rates well over 4% for 2 year fixes.

 

Although we can afford cash we wanted to use a lenders money to work and then use our other savings towards a smaller Melbourne house than originally wanted, which could either be invested in longer term or traded up.

 

Hi,

 

I could put you in touch with some companies we work with? They potentially may be able to help.

 

Thanks

 

John

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Thanks John, have just sent you a message and if you want specific details on our situation let me know.

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