Had a call with a broker in the last few weeks to discuss preparing for a Buy-To-Let mortgage application.
His comment was that the banks aren't actually approving any BTL's at the moment and best option is to look to "trade-up" while holding current property as rental.
I would likely bring 50% of the purchase price to the table in cash. Given current state of rental market, I believe that the maths make sense on the rental income side too (even at BTL rates). I would expect rent to cover the monthly repayments (or very close to when factoring in other expenses).
Did I just catch broker on a off day, or are BTL's really drying up.
His comment was that the banks aren't actually approving any BTL's at the moment and best option is to look to "trade-up" while holding current property as rental.
I would likely bring 50% of the purchase price to the table in cash. Given current state of rental market, I believe that the maths make sense on the rental income side too (even at BTL rates). I would expect rent to cover the monthly repayments (or very close to when factoring in other expenses).
Did I just catch broker on a off day, or are BTL's really drying up.