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  • Buy-to-Let

    Can you raise B2L mortgage for more than 75%?

    Hello All,

    I'm currently looking to remortgage my apartment with a BTL mortgage, from a residential mortgage which I have had since i bought the property 10 years ago.

    The property is valued at £115000 and my current mortgage debt is £82000. I bought the property for 93000.

    I would like to mortgage up to £115000. My mortgage broker says this is not possible because based on the potential rental revenue (£600pm), no lenders will offer more than £104000.

    However, in addition to this she says that no lenders will offer more than 75% LTV on a buy to let and because an equity release up to 104000 from 93000 will not cover the deposit required for the 75% requirement, it will not be possible to get the 104000 anyway.

    So to cut a long story short, my question is, has anybody else heard of this 75% restriction/policy of lenders and is there any way of finding a B2L mortgage with a ratio greater than 75% LTV? I have only spoken to one mortgage broker so far so it is worth gettign a second opinion.

    Thanks

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    In short, BTL mortgages up to 85%LTV are available via specialist Brokers such as https://www.PropertyTribesFinancialServices.com

    The long answer to follow ...

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    FOR INDEPENDENT MORTGAGE AND INSURANCE ADVICE

    PROPERTY TRIBES FINANCIAL SERVICES

    http://www.propertytribesfinancialservices.com

    http://www.propertytribesfinancialservic...contact-us

    CONTACT US FOR LIFE INSURANCE QUOTES AND STRATEGIES.  PORTFOLIO MORTGAGES (VARYING TERMS) COVERED

    MULTI CREDIT REFERENCE AGENCY REPORT, IN ONE DOCUMENT HERE.

    http://www.propertytribesfinancialservi...statement/


    85% LTV on your property is possibly achievable and these are the figures based on the amounts you quoted above;

     

    This is an interest only BTL mortgage and the only options available at this time (based on the very brief details provided so far) and please note this is not a recommendation just a generic overview for your interest, are the 5 year fixed rate options above.  Other fees also apply.

    To discuss this further with a BTL Broker, and to get personalised advice and quotes, call us anytime on 01206 654 444 or email advice@ptfs.co.uk





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    FOR INDEPENDENT MORTGAGE AND INSURANCE ADVICE

    PROPERTY TRIBES FINANCIAL SERVICES

    http://www.propertytribesfinancialservices.com

    http://www.propertytribesfinancialservic...contact-us

    CONTACT US FOR LIFE INSURANCE QUOTES AND STRATEGIES.  PORTFOLIO MORTGAGES (VARYING TERMS) COVERED

    MULTI CREDIT REFERENCE AGENCY REPORT, IN ONE DOCUMENT HERE.

    http://www.propertytribesfinancialservi...statement/


    and for the longer answer;

    I would like to mortgage up to £115000. My mortgage broker says this is not possible because based on the potential rental revenue (£600pm), no lenders will offer more than £104000.               Not true - see above

    However, in addition to this she says that no lenders will offer more than 75% LTV on a buy to let and because an equity release up to 104000 from 93000 will not cover the deposit required for the 75% requirement, it will not be possible to get the 104000 anyway.    DITTO

    So to cut a long story short, my question is, has anybody else heard of this 75% restriction/policy of lenders   NO   and is there any way of finding a B2L mortgage with a ratio greater than 75% LTV?   YES  I have only spoken to one mortgage broker so far so it is worth gettign a second opinion.   DEFINITELY!!!

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    FOR INDEPENDENT MORTGAGE AND INSURANCE ADVICE

    PROPERTY TRIBES FINANCIAL SERVICES

    http://www.propertytribesfinancialservices.com

    http://www.propertytribesfinancialservic...contact-us

    CONTACT US FOR LIFE INSURANCE QUOTES AND STRATEGIES.  PORTFOLIO MORTGAGES (VARYING TERMS) COVERED

    MULTI CREDIT REFERENCE AGENCY REPORT, IN ONE DOCUMENT HERE.

    http://www.propertytribesfinancialservi...statement/


    Yes this is definitely doable. The rates rise noticeably about 75% as you would expect but this not a difficult mortgage to arrange based on the facts you have presented so far. Give me a call if you wish to discuss.

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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022