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FTB - Advice on a Buy-to-Let please!
blind6side
Posts: 5 Forumite
I am in the process of trying to obtain my first mortgage with some difficulty.
At the moment my salary is low as I am training (solicitor), but it will go up in less than 18 months. Fortunately I have a deposit of £25k. Even so, with a conventional mortgage the max I could borrow is 4 time my salary. Property prices where I live are silly and therefore I could not even afford a shed.
So I have come up with plan B:
Is it possible to get a buy-to-let mortgage, buy a 2 bed property, live in one room and rent the other out? I would have a big enough deposit to satisfy the 85% LTV and with current, local rental prices the 130% figure would work too. It would also be cheaper for me as bills/council tax etc would be halved. I already rent with the proposed flat mate and have lived with them for 4 years so there is no issue there.
I am unsure if you are allowed to secure a BTL mortgage and live in it yourself. I also know that there are not many lenders who will lend on a BTL basis to FTB's. It seems like a good idea to me but I am sure that I am missing something. Is this a viable option? Over to you guys...!
At the moment my salary is low as I am training (solicitor), but it will go up in less than 18 months. Fortunately I have a deposit of £25k. Even so, with a conventional mortgage the max I could borrow is 4 time my salary. Property prices where I live are silly and therefore I could not even afford a shed.
So I have come up with plan B:
Is it possible to get a buy-to-let mortgage, buy a 2 bed property, live in one room and rent the other out? I would have a big enough deposit to satisfy the 85% LTV and with current, local rental prices the 130% figure would work too. It would also be cheaper for me as bills/council tax etc would be halved. I already rent with the proposed flat mate and have lived with them for 4 years so there is no issue there.
I am unsure if you are allowed to secure a BTL mortgage and live in it yourself. I also know that there are not many lenders who will lend on a BTL basis to FTB's. It seems like a good idea to me but I am sure that I am missing something. Is this a viable option? Over to you guys...!
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