General (main property discussion here) - Calling all mortgage brokers!!

Hello, Im newto this site and you people seem very helpful so I'm hoping you can help me out with a predicament I have at present...

Lets just say I have a property that I wish to put a BTL mortgage on. The BTL mortgage quote comes in at £530 (interest only). The rental yeild after close analysis in the area comes in at £600. Thats £70 a month on top of the rent. However the mortgage company require 125% of the mortgage and will supposedly only process the mortgage on a rental income of about £662. This to me is rediculous that a mortgage company can require an additional 1/4 of the mortgage in terms of the rent.

Therefore my question is, do any of you (mortgage brokers) know of any mortgage companies not stipulating such a high reantal yeild that are perhaps more 'freindly' to such a situation? Of course if you do, I would be happy to employ your services in return....

Thanks

Dave M.

Bristol & West 100% of rental 5.85% fixed for 5 yrs, also TMB will defo do it.

All the best

Alex M

www.oakhillmortgages.co.uk

Birmingham Midshires, email me and i can sort it out for you

nigel.kerney@ntlworld.com

Birmingham Midshires do not have better rates than Bristol & West at the moment on there BTL range. like i said 5.85% fxd for 5 years is a fantastik deal, grab it while it's there as lenders are pulling there rates.

Of cause 5 year fixed means 5 year tie.

you can go direct to Bristol & West and do an online app or you can use me for free and ill do all the leg work for you.

Alex M www.oakhillmortgages.co.uk 0800 019 22 55