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Getting a mortgage?
RumanaB
Posts: 202 Forumite
Hi,
I really need some advice. Me and my brother are first time buyers and we'd like to buy to let. We'd like to buy a property worth about £250,000 or less. With both our combined salaries we make £25k a year. We can afford to pay a deposit of more than 20%. What is the maximum mortgage we can obtain? We are really new at this so we have no clue where to start.
Any advice would be appreciated. Thanks.
I really need some advice. Me and my brother are first time buyers and we'd like to buy to let. We'd like to buy a property worth about £250,000 or less. With both our combined salaries we make £25k a year. We can afford to pay a deposit of more than 20%. What is the maximum mortgage we can obtain? We are really new at this so we have no clue where to start.
Any advice would be appreciated. Thanks.
0
Comments
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It all depends on the rental income you will get on the property
Do you have a good idea of what you get get each month?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 -
lol im the same boat at the moment and from what i can understand it tends to be done on rental income more than your own personal income.
If you can make up to 85% Loan to Value or less, then you probably have a good chance - i.e. say its a £250,000 property, and you have 20%
(£50,000) - that would make it 80% loan to value.
A lot of places from what ive seen ask that you are on £25k a year +, but I dont know how it works with 2 parties involved...also possibly a self-certification mortgage may work?
Someone else im sure can help as I am a novice too!0 -
yes and rental income is around 115-130% of the property's repayment0
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The rental income should be at least £750 per month.0
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