15:57 PM, 28th April 2013, About 8 years ago 7
I am absolutely amazed that in this current economic climate with the government making people down size to smaller homes or pay a “bedroomTax” and more people having to rent because they cannot afford to buy, that a buy to let landlord cannot obtain a mortgage for property valued under £40,000.
I own a Ten property portfolio great credit rating and employed status to show income, I can get £100-£150k mortgages no problem.
However at my location the most lucrative properties are one bedroom Uni Flats current market value £35 to £40K, over the past 20 years I have own over 20 of them and have just bough another for £25k cash refurbished it for £3k and have a Tenant paying £315 per month.
The question is why cant I get a Buy to Let mortgage?
Not only is the risk to the Lender minimal should the worst happen, the loss would be minimal. Lending lots of smaller amounts would mean lots more in fees and it is the sector which the government agree needs the most help i.e. homes for young people, single parents affordable housing.
What do you think?
Are there any decent deals out there for low value buy to let mortgages?
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