We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First time buyer, no job, £30.000 deposit
first_time_buyer_London
Posts: 36 Forumite
I am a first time buyer that would like to get onto the property ladder in London that wants to purchase a property as an investment that I would rent out to private tenants not live in.
The problem that I think I may have is that I have recently been made redundant and are in between jobs so I can not provide proof of income and pay slips however I do have £30.000 saved that I can use as a deposit. Can anyone give me advice based on my circumstances ?
I don't know if a "buy to let" mortgage would be the best option?
I haven't found a property yet as I want to find out exactly how much I can borrow at the most, basically I want to borrow as much as I can (ideally £250.000- £300.000 +)
I think I am interested in fixed rate and repayment deals only.
Any help and advice is greatly appreciated.
Many thanks in advance
The problem that I think I may have is that I have recently been made redundant and are in between jobs so I can not provide proof of income and pay slips however I do have £30.000 saved that I can use as a deposit. Can anyone give me advice based on my circumstances ?
I don't know if a "buy to let" mortgage would be the best option?
I haven't found a property yet as I want to find out exactly how much I can borrow at the most, basically I want to borrow as much as I can (ideally £250.000- £300.000 +)
I think I am interested in fixed rate and repayment deals only.
Any help and advice is greatly appreciated.
Many thanks in advance
0
Comments
-
I think you would need a bigger deposit for BTL too0
-
You'll need to be on about 75k a year for that kind of mortgage. Best of luck to you.I’m a Forum Ambassador and I support the Forum Team on the Old style MoneySaving boards.
If you need any help on these boards, please let me know.
Please report any posts you spot that are in breach of the Forum Rules by using the Report button, or by e-mailing forumteam@moneysavingexpert.com.
All views are my own and not of MoneySavingExpert.com0 -
Check out Kensington, some good bargains going there. They are all moving to Battersea.FREEDOM IS NOT FREE0
-
Dude, with no job you are going to need more than £30.00 to buy a house in London.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.6K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards