Mortgage newbie

mtonks

Hi all basically i've not had any advice as of yet and have limited understanding of mortgages.

Im 19 years of age and my intenton is to purchase a house/flat to rent out

I have 30 thousand deposit and roughly earn 12k a year give or take (self employed)

What are my best options?

Thanks

Thrugelmir

Buy a home first. In the meantime to continue to save.

mtonks

Thanks but what if I did just want a buy to let investment? as my living circumstances are fine as they are

Regards

Thrugelmir

Majority of BTL lenders will require you to own a property already (i.e your home) and earn a gross salary of at least £25k per annum.

If you don't require the cash short term. Then some good rates available in fixed term ISA's.

mtonks

Always a hard road for the youngsters LOL

I see what you mean, are there no lenders who would be willing to accept such circumstaces the properties im looking at are around 60k with rental at about 490pcm so it's a 50% mortgage

Regards

kingstreet

I suspect the following will leave you with few (if any) BTL lenders willing to lend now;-

- below minimum age
- below minimum property value
- no owned residential property
- below minimum income.

I'd try again when you reach 21, or talk to a broker to see if there is anyone open to you now I haven't thought about.

opinions4u

Before you do anything else, work out why you think buy-to-let will make you money.

Residential property doesn't strike me as a good investment at the moment.

mtonks

Thanks for all the feedback people

I want a buy to let so that while im working somthing can pay for itself so by the time ive payed it off its an added cash injection when I sell it in the future

May just have to buy a home then see if I can exchange it into buy to let