Singing Pig

Hi there,

I am in the process of buying my first buy-to-let. I am buying a property for £68,000, but its market value is £100,000

I would like to do this as a no-money-down deal by getting a 75 % mortgage and recieving £7,000 cashback.

I have found a 75 % mortgage no problem. However, I am struggling to find a solicitor that can work this out as a NMD deal, because obviously lenders want proof of deposits.

Could anyone give me any advice on how to proceed? or if a no-money-down deal is possible in today's climate?

Thankx,

Kevin

Hi Kevin,  are you going to try do an instant remortgage (unless they are a thing of the past).  If your mortgage company are happy to lend to you having only owned the property for a short time and your using a bridging loan to purchase,  could you effectively say a portion of the bridge is the deposit.

Hi Kevin,

I have sent you a PM message

Mike