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  • FIRST POST
    • Quest123
    • By Quest123 5th Oct 17, 9:40 AM
    • 4Posts
    • 0Thanks
    Quest123
    BTL Expert advice needed!!
    • #1
    • 5th Oct 17, 9:40 AM
    BTL Expert advice needed!! 5th Oct 17 at 9:40 AM
    Hey, itís my first time posting on this forum as my situation is a unique and complicated one.

    Iím looking to purchase a house worth around £100,00 with a buy-to-let mortgage (BTL) with a loan-to-value (LTV) of 75%. I plan to find a property in Birmingham, where the prices are more affordable. My main goal is to hold an investment which I can sell on later, where rent covers interest only mortgage & other expenses (full management from an estate agent etc).

    THIS IS WHERE IT GETS (MORE) DIFFICULT:

    Iím currently eating £16,000 a year, however this is tax free as itís a PhD scholarship. Thus £16k is net.
    Iím 23, Iím living with my parents, not a home owner, do not pay rent and have no loans or credit debt. So will be able to afford mortgage repayments without a tennant etc.

    Majority, if not all, lenders wonít lend on my salary. I previously was taking £30k a year and after tax was only £400 more than my current salary. Iím going to also teach during my PhD which pays an additional £400/500 per month - equating the same if not more due to not paying tax.

    Does anyone have any advice on where I may find a lender, or the best way to go about investing the £25k deposit?

    Thanks for your help in advance.

    Q
Page 2
    • Crashy Time
    • By Crashy Time 7th Oct 17, 10:41 AM
    • 5,264 Posts
    • 2,217 Thanks
    Crashy Time
    as ever Crashytime posts the usual misleading article without even considering its relevance to the OP

    OP earns 16k, which is, more over, tax free, thus he has a very long way to go before the higher rate tax band applies and the purpose of that article kicks in. All the while he is a zero or basic rate taxpayer that article is wholly misleading since section 24 has no impact at all on them

    for the record....
    https://www.gov.uk/guidance/changes-to-tax-relief-for-residential-landlords-how-its-worked-out-including-case-studies
    Originally posted by 00ec25

    Does this affect him?


    http://www.bbc.co.uk/news/business-41523941
    • 00ec25
    • By 00ec25 7th Oct 17, 2:38 PM
    • 5,532 Posts
    • 4,916 Thanks
    00ec25
    Originally posted by Crashy Time
    LOL, your clairvoyance is astounding and we finally agree on something.

    After all time low interest rates for a record duration, where did you think interest rates were going?
    • Crashy Time
    • By Crashy Time 8th Oct 17, 1:37 PM
    • 5,264 Posts
    • 2,217 Thanks
    Crashy Time
    LOL, your clairvoyance is astounding and we finally agree on something.

    After all time low interest rates for a record duration, where did you think interest rates were going?
    Originally posted by 00ec25

    I was being sarcastic.
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