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getting on BTL ladder now self cert is not available?
Sarahsaver
Posts: 8,390 Forumite
How is it done?, CAN it be done? Thoughts? Seen a property where the rent way more than covers the mortgage repayments, but the only way i would have been able to get a mortgage is self cert which now isnt available. I have an income but am not employed. (pension etc)
Member no.1 of the 'I'm not in a clique' group :rotfl:
I have done reading too!
To avoid all evil, to do good,
to purify the mind- that is the
teaching of the Buddhas.
I have done reading too!
To avoid all evil, to do good,
to purify the mind- that is the
teaching of the Buddhas.
0
Comments
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Theres a few bits missing to say the least. But first question is are you going to live there or rent it out?I am a Mortgage Adviser
You 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 -
Sarahsaver wrote: »the rent way more than covers the mortgage repayments
It does now, but have you accounted for interest rate rises (inevitable in the short to medium term), expenses, void periods etc etc?0 -
i would think that the mortgage advisors amongst us would do well not to comment on this thread..be carefulI am a Mortgage Advisor. You should note that this site does not 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 shouldnt be seen as financial advice.0
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All I was going to say was there's a "BTL ladder"?
I can honestly say I've never aspired to be a landlord, myself.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
i would think that the mortgage advisors amongst us would do well not to comment on this thread..be careful
I almost didnt even ask my question! I'm hoping the OP has just got her terminology mixed up.
We shall see......I am a Mortgage Adviser
You 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 -
Sarahsaver wrote: »How is it done?, CAN it be done? Thoughts? Seen a property where the rent way more than covers the mortgage repayments, but the only way i would have been able to get a mortgage is self cert which now isnt available. I have an income but am not employed. (pension etc)
If you have an income surely you must have some proof of it?0 -
ok here goes.
If you are looking to buy a property to let it out and you have ANY legitimate income and sufficient deposit then it can be done with no problem at all.
Just make sure you can meet the payments if/when your tennant doesn't!!I am a Mortgage Adviser -You 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 -
well i have proof of income but it is not earned IYSWIM, i would have needed self cert when that was an option
I meant BTL i am looking at a property to let
What i meant by ladder is that most people seem to have more than one btl property after a while
i am not looking for mortgage advice just asking if it is do-able now you cannot self cert, i am fully aware of the restrictions on advice. thankyou.Member no.1 of the 'I'm not in a clique' group :rotfl:
I have done reading too!
To avoid all evil, to do good,
to purify the mind- that is the
teaching of the Buddhas.0 -
put simply, yes it can be done.I am a Mortgage Adviser -You 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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Thankyou. How much deposit i presume 75% LTV is common?Member no.1 of the 'I'm not in a clique' group :rotfl:
I have done reading too!
To avoid all evil, to do good,
to purify the mind- that is the
teaching of the Buddhas.0
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