Buy to let mortgages

Ash21

Registered User
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We were thinking of selling our apartment to trade up to our family home and have had estate agents in to look and value. There was no great shocks there and obviously disappointed. After having more time to think we are looking at the idea of remortgaging this apt as a buy to let and using some of the equity that is left towards the deposit and SD to our new home. It would be our intention to hold on to this apt as an investment for the long-term (20 years plus). Can anyone advise around what size of a LTV would be required by the banks for a buy to let mortgage? It would give us an idea of how much more we need to save...
 
Maximum loan to value on your first investment property will be 85% but your case will have to be watertight to qualify.
 
Well before we apply we will have the following:
No loans, credit card balances etc.
Clean credit reports (we have a missed payment on a car loan but it was closed in 2005 and should be off the report 2010 when we intend to apply, we will check first)
Savings history with savings circa 30-40K

Is there anything else we need to think about to make it watertight?
 
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