Buy-to-let: 20 -25 - 30 - 35 year loan ?

  • Thread starter Schillachie
  • Start date
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Schillachie

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Hi There,

Myself and my partner are in the process of setting up a buy-to-let mortgage for 200K.

Also, keeping in mind that other investment opportunities may occur in the next number of years, is it better to go for a 20 year or a 35 year mortgage given that we can afford to pay both and are mid-thirties.

What is the criteria for selecting the length of the loan given that the current rent is 700 euro/month approx ?

Thanks, Schillachie
 
I don't think banks give 30+ years investment loans.
 
Criteria that the lender will check against...
- your income
- other assets - property etc you have
- outgoings - loan repayments
- how you can cover the mortgage if you fail to have a tenant
- proof of savings & how you come up with the balance of the house price
- depending on circumstances, expect to receive a mortgae in region of 80-90% of house price - that will vary b lender to some degree
- age has a bearing on the duration of the loan but ..in my opinion, the duration of the loan is just a matter of what you prefer
- if you choose a rpayment mortgaes then how will you come up with the balance of the mortgage

ninsaga
 
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