X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Mortgages & Finance

    First buy to let mortgage

    Hi all.

    Me and my wife will be looking for our first buy to let property in next few months.

    My question is when seeing about a buy to let interest only mortgage, what time frame do you go for. 25 30 or 40 year

    0
    0

    Hello Peter,

    I always look to make the overall term as long as possible once a lender is selected. This means that should your circumstances change and you no longer meet criteria to remortgage after a few years, you've still got a mortgage contract for the remainder of the term.

    By all means give me a call if you'd like to have a chat.

    2
    0

    You can contact me via Direct Message, or 07788 219647 or call the team on 01206 654444 for personalised quote and advice


    Hi onevibe1, I am in the same boat as you and am just about to take ownership of my first BTL. There are people on here who will be able to provide you with a world of knowledge about BTLs but from my experience, when you have an interest only mortgage, the length of the mortgage almost becomes irrelevant. You will probably end up renegotiating every 2 years anyway.

    1
    0

    Thanks for the input. That's put my mind at ease.

    1
    0

    I don’t know anything about you

    but I would recommend you take some tax advice before you jump into BTL

    if your investing in your own name look at section 24

    it can effect you

    1
    0

    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    Thank you for the advice and yes will definitely get tax advice before i do anything. Will also speak to specialist buy to let mortgage brokers and basically educate myself by reading property books and forums before i get to buying property.

    0
    0

    There are several points here.

    1) if you are investing in a low yield area (eg London) then you are likely to be forced into a 5 year product unless you have a lot of capital.

    2) if there are features such a not long leasehold then often lenders have minimum lease duration at the end of the term so you may wish a shorter term

    3) all else being equal go or as long as you can as you have flexibility to repay earlier but no lender is happy being repaid later. It's the product which is more important and that's say 2 to 5 years.

    0
    0

    Tax advisor and mortgage broker

    stuart@johnsonsca.com

    02039077022