Any one know lots about and buy to let mortgages in the uk??

Question

I own a house outright for £175,000 and will get £650 pcm rent
I have bought a house £240,000 for my own residence, with a £20,000 deposit. How much would I have to pay on an interest only mortgage?

Jimbobari Firstly my house has been on the market 7 weeks and am desparate to sell, but no buyers!!! and I cannot afford to bridge. Im 30 hardly old just I got on the property ladder very young as I did not go to university.

Answer 1

Assuming you are borrowing £220000 at 6% interest only - you will pay £1100/month. Don't forget that any rent you earn will be taxed at either 40% if you are a high rate tax payer or 28% for a regular income.
If you borrow the full £240000 (possible considering you have to factor in stamp duty and estate agent fees etc..) the you will need to pay £1200/month. I recommend getting a fixed rate mortgage fixing for at least 5 years as rates are increasing.

Answer 2

Your 220,000 unit mortgage will cost 6%= 1200 per month, 8% = 1500 per month, 10% = 1800 per month. I am in the USA, I do not have pound sign for English Money.

The amounts quoted is for the specified interest rate and should remain constant if the note is interest only

Answer 3

Quite the little capitalists aren't we all! No wonder young people starting out can't get on the property ladder. Instead they have to pay out £650 pcm in wasted money that makes more profit for someone else who already has somewhere to stay!

Nothing personal mate, it's just a sad fact of life in modern Britain that the younger generation are f*cked!
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Answer 4

get yourself booked in with a mortgage advisor who will be able to give you all the information you need- try barclays their mortgage deals for buy to let are pretty good at mo

Answer 5

you would be better asking a financial advisor who can give you a best quote