Hi,

I am in the process of buying an apartment in Sheffield. I am unsure whether I will be renting or selling on and am looking for the best mortgage.

I am buying the apartment from Blundells and they have advised me to use Mortgage Talk to find me the best deal. Apparantely they use each others services and I am worried about getting ripped off.

Looked on the internet, but can't seem to find much.

Don't know whether to use 'buy to let' or just a repayment mortage.

Can anyone please help?

Dan

Originally posted by danielford99
Don't know whether to use 'buy to let' or just a repayment mortage.


This depends on what you're doing with the property - if you are renting it out then you need a Buy to Let mortgage, because if you take out a normal mortgage and then rent the property out, you're probably in breach of the mortgage terms and conditions.

Mortgage Talk work with Blundells but should subscribe to the Mortgage Code. Mortgage talk will search a book of lenders to find you the best deal. However, they get paid commission from the mortgage company you end up using, so bear that in mind.

Legal bobbins: The above are general comments and should not be interpreted as specific financial advice.

That's great thanks very much.

I have been told by a few people to use a 'buy to let' mortgage then still sell the property. Apparantely it is legal and can save me money?

Dan

Buy to Let mortgages tend to be more expensive and require a higher deposit though. If you are planning to sell soon, be aware of any early redemption penelties.

Buy to let...

usually max out at around 85% LTV, unless you go for a ridiculous interest rate.

as mentioned earlier check redemption penalties

you might want to consider interest only payments if you are seeking short term capital gain

if you PM me I will give you the details of a good adviser! Not me of course as I'm crap at maths.

Take a look here for mortgage comparissons: http://www.moneysupermarket.cbom/Mortgages/quickMortgage.asp it looks like a spam site but I found it really useful. Just put anything in the boxes that aren't applicable.

The guys who recently sorted my mortgage out is great. Very friendly, patient, searches out the best deals on the web to suit your pocket.

If you're interested gimma a yell and I'll PM you his contact info :thumbsup:

If you need any further advise on any Mortgages by Brother has his own Mortgage Business and he will be happy to give you some free advise and give you some quotes. I will PM you his number