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Buy-to-let mortgages
lb364
Posts: 1,187 Forumite
Hi everyone,
I really want to get on the property ladder but can't currently afford anything much more than the mortgage payments in the London area as in to live, eat etc!
I've been thinking about perhaps a buy-to-let property that I can then live in at some point in the future. Only problem is, buy-to-let mortgages seem to have so many rules like having an income of over £35k...
Can I get a first time buyer mortgage or would i have to live in the place straight away? What if the bank thought I was going to live there, would that be illegal?
I really want to get on the property ladder but can't currently afford anything much more than the mortgage payments in the London area as in to live, eat etc!
I've been thinking about perhaps a buy-to-let property that I can then live in at some point in the future. Only problem is, buy-to-let mortgages seem to have so many rules like having an income of over £35k...
Can I get a first time buyer mortgage or would i have to live in the place straight away? What if the bank thought I was going to live there, would that be illegal?
0
Comments
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If you're renting it out you will need a buy to let mortgage.
How much deposit do you have saved up?
What is your income?0 -
And what purchase prices are you looking at?
Do you have a good credit history?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I've saved about £10k for a deposit but could possibly liquidate a few more assets to bring it up to £15k.
I earn £18k at the moment.
I'm looking at prices between £30k and £60k with varying rents and have no credit cards or debts outstanding so I would assume a good credit rating.0 -
If looking at BTLs then you would need at least a 25% deposit
The rental income would need to cover the mortgage payments by around 120%-130%
So do you know what kind of rental income you could get from those properties?
Where are they, are the prices are very cheap?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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