Landlord Discussion

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Finance for low value property

From: ME SMITH
Date: 22 Oct 2002
Time: 16:12:43
Remote Name: 62.30.192.1

Comments

I have been looking into the purchase of a second flat for rental purposes. The flats are available at auction for between £15,000 and 20,000. I already own one of these flats (ie no mortgage) and receive £175 pcm. I have been looking into the possibility of a mortgage of some kind to part finance the second property. All of the lenders I have contacted, including those promoted on this site, are unable to offer any kind of mortgage (most have minimum loan values below the value of the property). Does anybody have a suggestion as to where such finance could be raised without extortionate interest rates and or any specific lenders specialising in low value buy-to-let mortgages?

Last changed: July 01, 2003