t_benn_1
Member
Registered: 28th Sep 04
Location: Shropshire
User status: Offline
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Would i get a mortgage for a buy to let?
Current house valued at 130k
48k left on mortgage
Looking to get a house for around 100k - 120k On a buy to let?
Can i use the equity of my current house?
Also does anyone think house prices will drop any more?
Cheers
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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You need a large deposit for BTL, you should be able to use equity on your home but you would need to remortgage it aswell.
House prices dropping more - anyones guess!!
You need to speak to someone in mortgages, financial advisor.
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t_benn_1
Member
Registered: 28th Sep 04
Location: Shropshire
User status: Offline
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Plan is to buy a reposed house for us to move to.
Ours is valued for 600pcm for rent
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neoquip
Member
Registered: 12th Aug 02
Location: Nottm
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you need to talk to someone to see if you can release funds from your property, see if you can afford your Repayments still.
the the BTL, you'll need a 125% return.
ie: your BTL monthly payment £200, you'd have to get at least £250pcm rent.
deposits have gne up big time, HSBC now want at least 40% 
best see what a mortgage adviser can come up with.
With a repo/auction, you normally need to have all your funds in place and all ready to go.
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Twiggy
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Registered: 15th Oct 04
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TBH on a house valued at 130k it wont drop that much like a 200K has the potential to....
I suggest you go for it.
Thats my 50p's worth!
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a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
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remeber if the house is empty you have to be in the position to afford both mortgages
worth while investment if you can get hte money
great time to buy houses IMO
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
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quote:
Originally posted by a_j_mair
great time to buy houses IMO
Yes but if house values keep dropping then you won't be sell up until it's worth at least the original buy price or more obviously - when that will happen is anyone's guess!
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Fad
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Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
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If you buy now if it does drop further it wont be that great compared to the current % value of the house. All you have to look forwards to is the rising market which this time will not be like the last.
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Russ
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Registered: 14th Mar 04
Location: Armchair
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buy mine 
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t_benn_1
Member
Registered: 28th Sep 04
Location: Shropshire
User status: Offline
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quote:
Originally posted by Russ
buy mine
And where is yours?
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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The interest rate is rock bottom near enough, house prices going up and down doesn't come into it in a BTL unless you want to rent it out for a short peroid and sell it, which is pointless! Go for it, everyone's renting because they don't have a deposit for their own pad.
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