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Mortgage Help Please! (Should I have thought of a better title?)
MisterStell
Posts: 6 Forumite
I am looking for a interest only mortgage for around £200k. My basic salary is a currently low £14k but with a bonus bringing it to £20k. This should be going up a fair amount over the next few years. My Dad is willing to back the capital against his house (£1.2milion+ house). I would most likely rent out the flat for a year before moving in.
Under these circumstances, do you think there is anything that you could do?
Thanks alot!
Under these circumstances, do you think there is anything that you could do?
Thanks alot!
0
Comments
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So you would be looking for a BTL mortgage, if you are going to let it out from day 1
What is the property value?
What deposit do you have to put down?
What rental income do you think you could realistically get on the property?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 have £0 deposit and want mortgage for the full value of around £200k. Realisticly, I would hope to get 5%-5.5% rental. Thanks.0
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Can you Dad lend you the 15%/£30k deposit you will most likely need?Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0
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It is unlikely. Is there any way I could actualy be paying the interest but it in his name or something (he already has quite a large mortgage himself).0
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is it looking unlikely boys?0
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.............0
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Unless you have a deposit, you cannot purchase the property on a BTL basisI 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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What if it wasnt BTL?0
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Your income is not sufficnet to purchase the mortgage in your own name - however you have stated that you will let it out, so you would need a BTL mortgage.
If you were not to let out the property you could buy with someone else, or get a guarantor on the mortgage i.e. father. However his income would laso need to be sufficient to pay the new mortgage as well as his own mortgage and other current commitments.
HTHI 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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