UK BTL: which UK banks or building societies are offering investment mortgages?

J

jt_dublin

Registered User
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Hi all,

I am hoping to start buying some buy-to-let investment properties in the UK later this year.

Given the current difficulty getting mortgages, I am wondering if any of you know which UK banks or building societies are offering investment mortgages at the moment.

Or should I just deal with a mortgage broker who will do all the leg-work?

Thanks,
JT.
 
Re: UK Investment mortgages

iib will lend 60%,
the market is certainly smaller for obtaining finance for btl in the UK.
 
Re: UK Investment mortgages

Thanks Arch2. I didnt know that Irish based banks were lending for overseas property.
 
Re: UK Investment mortgages

Arch2 said:
iib will lend 60%,
the market is certainly smaller for obtaining finance for btl in the UK.
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Are there any other options other than KBC formally IIB, as currently have a BTL with them and they are fairly expensive considering the rate in England is 0.5%.
 
Re: UK Investment mortgages

I don't think the market has many players at the moment. the IIB rate is set on a percentage over libor. Libor which follow UK bank base rate is stuck at above 1.5%. Hence why rates are well above UK base rate.
 
Re: UK Investment mortgages

Do you have detail of the type of mortgage deals?

Thanks
 
Re: UK Investment mortgages

Be careful of dealing with Property Investment Deals in the UK. Much of what they are offering is priced above the rates that are being achieved at auction for similar properties in the North East.
If you want to buy investment property in the UK, cut out these middlemen and go directly to the source. Try a company like Mellors in Manchester who do monthly auctions of reposessed and firesale properties, and you will do an awful lot better. PID is not a good option if you want to make money in this market, best avoided. Auctions are where the real value is to be found right now.
I'm not sugesting that PID are irregular in any way, just that they seem to have a poor idea of what constitutes value for money. There's a buyers' market out there, and I see no sense in giving high prices to anyone when there are several better alternatives available.
 
Re: UK Investment mortgages

topaz42 said:
Hi, yes. I can forward emails to you of the latest deal I am going for in Liverpool. Basically, I only have to put in 6,000 sterling myself. You can talk to Alan directly on 0044 7970 384 658. I have bought several properties with the company over the past year, and find them very good.
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Hi Topaz,

Apologies for hijacking the post but just enquiring about some further info on your dealings with this company. Are they estate agents and will they undertake to sell a property with sitting tenants??

Many thanks

LL
 
topaz42 said:
Hi, no they are not estate agents. They are a property investment company. Give them a call. If they cant help you directly, I am sure they will b able to put you in touch with someone who can. I like dealing with them because they take care of everything from sourcing property to getting it let and managed. I havent thetime to put into sourcing properties myself, and I am happy with what I have bought with them to date. Also, they arrange the finance and legals. Best of luck.
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The margins they take are far too great; anybody who goes down this route is ill advised.
If you can't take a few days to source property yourself, you shouldn't be in this game at all. Go to an auction and buy at market rates, then get a reputable estate agency to manage the property for you.
A lot of people went down this route with the infamous PPI in Newcastle a few years back, paying up to four or five times the value of places in some instances. The whole thing turned out to be an elaborate scam. I'm not suggesting that your friends are scammers, but buyer definitely needs to beware in this instance, the prices are off the wall.
 
Hi Topaz,

Could you advice at what rate they have organised a mortgage at and with whom?

You advised it was a very good deal.

Thanks
 
Topaz, could you tell us if you are in any way connected with the company you are praising so highly?
 
Arch2 said:
Hi Topaz,

Could you advice at what rate they have organised a mortgage at and with whom?

You advised it was a very good deal.

Thanks
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Do you think it's a good idea to ask this from someone who has only posted 3 times and has not confirmed what link they have with the company they are recommending on the 3 posts.

Buyer beware

and if it's too good to be true................
 
I ask beause the poster advised it was a good deal but gave no details.

If it is a good deal then if he provides detail of the morgage rate we will be able to see is he genuine or not.

Lets not make our mind up on anything before we have the facts.
 
Arch2 said:
If it is a good deal then if he provides detail of the morgage rate we will be able to see is he genuine or not.

Lets not make our mind up on anything before we have the facts.
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Still no facts ...... other than 8 properties, cost 6K sterling and everything is taken care of. I'd say go for it.
 
Thats exactly my point. If no facts can be given then the guy may be either a cowboy or a sucker, but we can not judge straight away until we ask to see the facts. Now that they are not forth coming I think we can draw a certain conclusion.
 
Base +3.5% is good??? It is not long ago Irish Life & Perm International were lending at base +.49%. Times really have changed.

I dont see how you can make a return at base +3.5%.
 
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