Discussion
It's not a specific question about help to buy as such but could involve it.
A few months ago me and my brother bought a buy to let property £85k flat, £21k deposit). I live at home with my parents, he lives in leeds in a rented flat.
I've now saved enough for me and him to get a flat each but only if we can find 95% LTV (most likely a help to buy mortgage). Would lenders take into account my existing mortgage meaning they would unlikely give me another mortgage for a new property? Or would they see this as additional income (around £400 gross per month), or ignore it completely?
I only earn £19k a year but would be looking at flats around the £90k mark so can easily afford the monthly payments.
Hope this makes sense
A few months ago me and my brother bought a buy to let property £85k flat, £21k deposit). I live at home with my parents, he lives in leeds in a rented flat.
I've now saved enough for me and him to get a flat each but only if we can find 95% LTV (most likely a help to buy mortgage). Would lenders take into account my existing mortgage meaning they would unlikely give me another mortgage for a new property? Or would they see this as additional income (around £400 gross per month), or ignore it completely?
I only earn £19k a year but would be looking at flats around the £90k mark so can easily afford the monthly payments.
Hope this makes sense
samdale said:
Just been speaking to "another bank" today. To quote their leaflet on help to buy the checklist says you must answer yes to the following:
"upon completion of the purchase, will this be the only property you own (in full or part) and will it be your main residence?"
Ahhh poo. I guess my question still stands then with regards normal 95% & 90% LTV mortgages - Is it likely I'd get one on my income and the fact I already have a mortgage?"upon completion of the purchase, will this be the only property you own (in full or part) and will it be your main residence?"
Edited by lewisf182 on Wednesday 9th October 16:38
lewisf182 said:
Ahhh poo. I guess my question still stands then with regards normal 95% & 90% LTV mortgages - Is it likely I'd get one on my income and the fact I already have a mortgage?
You won't get a 95% mortgage on a flat and for the Help To Buy, you can't have any other properties in the background.Edited by lewisf182 on Wednesday 9th October 16:38
You could however, buy a flat on a standard 90% mortgage as long as the BTL property is self financing in accordance with the lenders criteria not "the mortgage is £400 and the rent is £400".
Sarnie said:
You won't get a 95% mortgage on a flat and for the Help To Buy, you can't have any other properties in the background.
You could however, buy a flat on a standard 90% mortgage as long as the BTL property is self financing in accordance with the lenders criteria not "the mortgage is £400 and the rent is £400".
Ahh yeah completely forgot about that part of the help to buy! 90% is achievable but just means only one of us can move out.You could however, buy a flat on a standard 90% mortgage as long as the BTL property is self financing in accordance with the lenders criteria not "the mortgage is £400 and the rent is £400".
the mortgage is 220 and the rent is 625 so surely shouldn't be a problem there.
Cheers Sarnie.
lewisf182 said:
Ahh yeah completely forgot about that part of the help to buy! 90% is achievable but just means only one of us can move out.
the mortgage is 220 and the rent is 625 so surely shouldn't be a problem there.
Cheers Sarnie.
Yep that would be fine, leaving just above 4x income for your mortgage requirements.the mortgage is 220 and the rent is 625 so surely shouldn't be a problem there.
Cheers Sarnie.
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