UK Landlord Forum / Life

Hey All, just a quick question regarding Buy to Let mortgages for properties with low purchase prices;

There are a few dated properties a few miles from where I live (all in decent but old condition with old kitchens/bathrooms) that are on the marked for around £42,000 and have been for some weeks now. I was thinking of putting an offer in for around £37,000 and trying my luck. I would then spend around £10,000 refurbishing the properties ready to let out.

I was wondering if anybody knew of a lender who will lend money to fund a few of these? (all the mortgages i've seen, the property purchase price has to be £40,000 min, so offering £37,000 is out of the question)

If anybody knows of a way around this, that would be great also.

Thanks in advance guys

Sorry never heard of this stipulation before.

You need a broker mate.

I was having a conversation with NatWest just the other day... I enquired about minimum values and I was told as long as the mortgage is £25,000 or above, then all is fine.

Thanks for the replies both!

The broker I use has told me that the only mortgage he can source for me has to have a property price of £50k or over.

Can I contact NatWest Direct, as I have only ever used a broker?

Thanks 

Yes you may.