Buy to Let mortgages.. minimum mortgage amount

[hydraulicwave]

Hi,
I have spoken to a few contractor mortgage advisors, and had the same answer. No lenders will lend less than £100k for a buy to let mortgage.. so with a 25% deposit the minimum value of the property must be £125k.
Does anyone know of lenders that lend less than £100k? I am looking to purchase a property that is valued at less than £125k.
Also, I have only completed 8 months contracting, so not even 1 year of accounts.
Thank you

[eek]

Hi,
I have spoken to a few contractor mortgage advisors, and had the same answer. No lenders will lend less than £100k for a buy to let mortgage.. so with a 25% deposit the minimum value of the property must be £125k.
Does anyone know of lenders that lend less than £100k? I am looking to purchase a property that is valued at less than £125k.
Also, I have only completed 8 months contracting, so not even 1 year of accounts.
Thank you

surely if the minimum is £100k the cheapest property would be £133k for a 75% loan...

[hydraulicwave]

Sorry, yeah you are correct. The minimum they will lend is 100k.
Cheers

[northernladuk]

Speak to JOhn Yerou at Freelancer Finanicials 020 8421 7999

I got a BTL from Birmingham Midshires from them but I think it was about 101k. No one ever mentioned a minimum to me though.

[hydraulicwave]

Ok, thanks. Was that for England?

[Pondlife]

Ok, thanks. Was that for England?

Is your BTL property not in the UK? Or does Scotland have special rules?

Otherwise it's a bit of a strange question.

[hydraulicwave]

Hi, it's in Scotland. Some lenders do not lend in Scotland.

[Pondlife]

Hi, it's in Scotland. Some lenders do not lend in Scotland.

You will find people more willing to help if you specify all the requirements in the OP, rather than drip feeding them. Especially since you already know that it restricts the number of available lenders.

[hydraulicwave]

Thanks for disciplining me. I'll try harder in the future.
I'm not looking for an argument, just some friendly advice from anyone who may have experienced the same issue with this minimum amount of £100k the lenders are willing to lend.

[d000hg]

A minimum seems odd when in several parts of the country MOST properties are still valued considerably under £100k. Clearly you can get a regular mortgage for that "little" so why not a BTL one?