Advice needed joint morgage - letting - low income

postie-65

Hi guys first post need little advice here is situation:

I am 20 yrs old (almost 21) rented a place with my dad for 3 years paying £80 a week + half council tax did this for 3 yrs. I now live with my mum currently paying £50 all in. I run a car, and have a secure job contracted with pension as a postman take home is just under £1,000 a month but have the option of alot of over time and also have a business run from time to time (but rather not use this in my favour) Basically i cant afford a morgage of my own and was thinking of going in with someone to buy a flat/house to rent out for afew years with the intention of being firmly on the morgage ladder. The other person i would go in with gets the same wages with the same options he is 26yrs old living with parents as well. Basically we have seen a flat for £135,000 with rent return of approx £700 a month (done or research here) I have not got much as a deposit only £2k but have the following questions:

Can i take a loan out to cover my deposit?
What morgage options do i have?
What should i bare in mind?

Also anything else, i am debt free have good credit history have a small amount to pay on my car but can be cleared pretty quickly if needed.

Any thoughts regards

postie-65

anyone? ppl?

silvercar

It is very difficult to get a buy-to-let mortgage with no property of your own. I don't think lenders will look at you. Also BTL mortgages are generally for upto 85% of the property value and the rent needs to cover the mortgage by 130%.

The only legal way round it would be to buy with your friend on a residential mortgage, live in it for a few months and then move back home and ask permission from your lender to rent it out. Expect an increase in mortgage rate of about 1% if you follow this route.

postie-65

Ok sort of what i thought Would we be able to get a morgage for 130-140k on our wages? What sort of options would we have and what kind of repayments?

regards