buy to let mortgage?

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hi, i own a flat which has been valued at 215 in london bought for 192 2 years ago with a 20k deposit. i want to get a second buy to let mortgage – my income is about 42k with no loans or committments..

but i keep getting told i am not eligible – does anyone know where i’d be best off going for this or if i just own’t be eligible..? Thanks a lot, Jo
thanks dee. i’m assuming there’s nothign bad on my credit as i got the mortgage and equity release on teh first one. i think it might be that i’m asking to borrow too much..


I want to build a small house in a rural area but I am single and don’t make a lot of money. Are there any special lower-interest loans available that I might qualify for?

(If students can get scholorships for school I was thinking there might be special programs out there to help people to buy/build homes. This would not be my first home so I guess I wouldn’t qualify for Fannie Mae)

This is really mportant to me so please let me know if you have any information on mortgage/construction loans that might help me. Thank you!

  1. Reply
    February 4, 2011 at 7:37 pm

    When you ask for a mortgage, the banks check the records kept about you. There are a few agencies (I think one of them is called Experien), that keep record about everybody and you can view all records they keep about you under the Data protection Act 1998, some off the data kept about you might be incorrect, and that might be the reason, you are refused loans, so If I were you, I would try to check that out. Try asking in the bank, or the Citizens Advice Bureau , about the contact to these companies, see if everything is correct.

  2. Reply
    Sue W
    February 4, 2011 at 7:56 pm

    Hi. I answered your question about how to invest 20k. I could be wrong but that Swiss-cash someone advised you about sounds like a scam to me. I checked out the web site myself and plenty of others that it sent me to (always on the look out for a good idea). Be VERY careful. They are making a lot of claims they can’t substantiate. Not telling investors where or how their money is invested is bull. Read the small print. Whatever the amount of money you personally put in to their scheme, you can NEVER withdraw. They also claim to be affiliated with Swiss Mutual Fund 1968 s.a. As far as I can make out it is a legitimate bank ‘UBS’ (do a google check) UBS web site does not appear to recognise the implied affiliation with Swiss-cash.

    My advice is for you is to ask the opinion of people that you know and trust about these ‘investments’. If you decide to go ahead with one of them, invest the minimum amount of money then sit back for 12 months or so and see what happens. Don’t invest any money that you will cry over if you loose it. When these people know you have money they become your new best friend. As my dad always said, ‘There’s no friends in business, darling,’ and from what I’ve learned in life, he was right.

  3. Reply
    February 4, 2011 at 8:10 pm

    Check with the state that you want to build in as many have 1st time buyer/builder loans with lower interest or down payment.

    You can also apply for an FHA loan through the federal government.

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