Is it possible to get a buy to let mortgage with a 15% deposit?
The quick answer is that it is possible to get a buy to let mortgage with an 85% LTV ratio. However there are a lot of things that you will need to think about before you commit to applying for one as this is generally seen as a very high loan to value ratio by lenders, and therefore is also considered as a high risk mortgage.
Speak to a Buy to Let expert
Whether you are new to buy to let mortgages or not, your first port of call should always be to a buy to let expert. This is because there are regular changes in attitudes to lending by lenders and also changes in criteria to actually get a mortgage. One of the most recent changes is the fact that you can actually get a buy to let mortgage with a deposit of only 15%. The best person to speak to would be a buy to let mortgage broker who specialises in buy to let mortgages. You will often find that a broker will provide you with support throughout the lifetime of the mortgage, particularly if they charge fees rather than working on commission.
How easy is it to get an 85% LTV buy to let mortgage?
Your first challenge will be to find one of these mortgages as they are not very common. This is another reason why you would be better off going through a specialist buy to let mortgage broker as they will be able to find all of the available deals for you and are likely to find some that you would have missed if you carried out your own search.
Things to note
As with all buy to let mortgages you will find that the interest rates are higher than for residential mortgages. Due to the higher risk of the 85% loan to value buy to let mortgage you will also find that you will have to pay higher interest rates than if you have a larger deposit. If you are adding to either your main residence or you are adding to your portfolio you will find that you have slightly more options as there are a number of lenders who do not offer their mortgages to first time buyers. The best 85% LTV buy to let mortgages do not carry a product fee with them, but they do usually have early repayment charges during the fixed term period. Product requirements and criteria can vary quite significantly so you will need to make sure that you are aware of any of these that may make you ineligible for a particular product. The main ones tend to be whether you are a first time buyer, if you are remortgaging and the size of deposit you have available.
If you are in any doubt at any point then don’t just hope your concerns go away. Instead go and get some professional advice either from your lender or from your broker.
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