Student Mortgage

jordan_2k1

Hey guys

A little about me quickly. 21 years old, living with parents, final year of my degree graduating this year. One years teacher training - PGCE starting september 2009. £15000 House deposit saved. Part time Job early morning cleaner in somerfield earning around £400 a month, have been there nearly 4 years.

With the current housing market I'm determined to get on the ladder before 2010.

Basically I want to know if I'm in a strong enough position yet to get a buy-to-let mortgage. If not, that's okay, just point me in the right direction please, I just need to know I stand.

Thank you, any advice would be much appreciated.

Jordan

Robert_Sterling_3

You are going in the right direction already. Just keep on going.

dimbo61

Keep saving as most BTL mortgages require a 25/30% deposit and the rental income has to be 125% of the mortgage cost each month if you can get a BTL mortgage at all.
You also need to earn enough to cover the mortgage cost if you cant rent it out.

maninthestreet

jordan_2k1 wrote: »

Hey guys

A little about me quickly. 21 years old, living with parents, final year of my degree graduating this year. One years teacher training - PGCE starting september 2009. £15000 House deposit saved. Part time Job early morning cleaner in somerfield earning around £400 a month, have been there nearly 4 years.

With the current housing market I'm determined to get on the ladder before 2010.

Basically I want to know if I'm in a strong enough position yet to get a buy-to-let mortgage. If not, that's okay, just point me in the right direction please, I just need to know I stand.

Thank you, any advice would be much appreciated.

Jordan

With an annual income of £4800, that'll get you a mortgage of about £14,000 to £15,000. So with your deposit of £15,000, you're looking to buy a property for £30,000 - how many £30,000 properties are on the market in your area?

jordan_2k1

Not many, well not many I'd spend my money on.
Will a strong guarantor help at all?

Kavanne

jordan_2k1 wrote: »

Not many, well not many I'd spend my money on.
Will a strong guarantor help at all?

Before I started working my mortgage advisor said we'd need a guarantor. But I don't know if such products are still available in the current climate.

Robert_Sterling_3

Do you have any debts. e g. To the student loan company.

Kavanne

Robert_Sterling wrote: »

Do you have any debts. e g. To the student loan company.

I thought they didn't count?

Robert_Sterling_3

OK then I will rephrase my question. Do you have any debts that do count?