Buy to let mortgage wanted

poorstudent_2

Hi,
I finished uni last summer with a degree in chemistry but can't find a decent job in my home area and have reasons for needing to stay there. I am looking to buy a property and rent out to students (being as I have some experience of this from the student side) to start bringing in a little income and also to get me started in the property development world. I have a deposit of around 30K and parents who can and will help out financially but preferably as Guarantors.
My local B. Socs can't help because they do not do BTLet mortgages, or don't do them to 1st time buyers, or specify a minimum income, and I don't have an income.

Any suggestions please? I really need to know where to look, I'm sure I can get a mortgage somwhere with the amount I have for a deposit but where to start is my problem.

thanks for looking.

sionnach_2

most of the big lenders do a buy to let mortgage so the best thing to do is find a broker who has access to them all and can explain the different types available, to get a buy to let you need to have 15% of the property value + stamp duty +solicitor fees + some brokers charge a fee, the amount you borrow depends on how much rent you can get from the property, as a rule of thumb the rent must be 130% of the mortgage repayment

MortgageMamma

You need to consult an independent mortgage broker, preferably one that specialises in buy to let. There are plenty of firms on the internet, but make sure you read the terms of business and initial disclosure document, and that the advice is actually free and you won't be charged for it should you decide not to proceed. I myself am a mortgage broker, but I have little experience in buy to let or would offer to help.