Help ( Buy to let mortgage)?

I already have a mortgage and i can renew it in about 2 months time. was thinking about a buy to let and release some equity for a deposit but am unsure about lenders and wether or not you can still get a btl mortgage with current situation could anybody give me any advice on this matter?? Thanks peeps|||yes u can still get BTL mortgages, but the 'good' deals are harder to find.





forget about releasing the equity, and aim to pay off as much of the mortgage as you can.|||If you are seriously considering buy to let I think it would be better if you wait for a few months...prices will go lower still and if you can save some cash in that time it will reduce your mortgage....some companies will give you your money if you use your other property as collateral...but rates I reckon won't be very good.....but wait!|||As a first-time buyer, I cannot get on to the property ladder because of the current crisis, at least, not without a decent deposit upfront. The street I presently live in is full of buy-to-let houses that have failed the profit-margin stretch, and little "for sale" signs have popped up right down the street, like little sunflowers. At least, it's like sunflowers to me. The seed of greed has been sown, and it's time to reap.|||Abbey National plc (a Bank with a 拢100b mortgage portfolio) have (about 10 days ago) discontinued "buy to let" mortgages. Do not go 'Sub Prime' - it will be a disaster. "Valuations" have also gone the same way as 'buy to let.' My advice: Sell your property and rent. Same as in France.|||Yes, mortgages are still available, and this is quite a good time to invest IF you know what you are doing and buy carefully (unlike the amateur investors who are now getting their fingers burned because they have jumped on the bandwagon, or believed the hype of companies who make as living out of selling you property.





I specialise in taxation for property investors and deal with a number of specialist mortgage advisers for buy to let properties.





Two I would recommend are Doug Ponsford in Gravesend (01474 353353) and Garry Smith in Droitwich (01905 799956 ).|||You can still get buy to let mortgages, but if you have a domestic mortgage at the moment you will need to check if you qualify, since buy-to-let mortgages are usually more strict on how much you can borrow. You mention you want to release some equity - would this be for a deposit on a new house for buy-to-let or for some other reason? If you are buying, house prices are falling at the moment so you may want to wait a while, but who knows what the future will bring. Best bet would be to get some advice from a Finanacial Advisor (make sure they are independent)|||BTL mortgages are still available however criteria have been tightened and generally do not work for more than 75% Loan to Value. Rental income needs to be 20-30% more than the interest only repayments. It could be agood time to buy but youneed to be careful and put down a decent deposit and get a good discount on the purchase price. Probably best to avoid unless you know what you are doing and have pleanty of deposit money you can stand to lose or at least not see again for potentially several years.





www.nspmortgageservices.co.uk