£50,000 property-do i qualify?

dimbo61

Just a little thing you forgot to mention IE you intend to rent out the property.
Now as others have said you need a BTL mortgage is you are renting out the property so go speak to a " whole of market mortgage broker who deals in BTL"

Graham_Devon

You haven't a clue whether the payments would be monthly / weekly....haven't a clue how much they would be.....yet are planning on becoming a landlord!?

giddypenguin

fedster wrote: »

I have also got another property,basically a family property which has gone down the generations which i am renting out.

They already are a landlord... not knowing how mortgages work doesn't impede your ablility to be a landlord. .

Niv

giddypenguin wrote: »

They already are a landlord... not knowing how mortgages work doesn't impede your ablility to be a landlord. .

I would disagree here, imo, it does impede your ability to be a landlord but it does not prevent it.

hoanggiao

dimbo61 wrote: »

With a £10,000 deposit on a £50,000 property you have a 20% deposit so you should get good mortgage deals and its 3X your income of £13K
The mortgage you pay for a property is only the start.
what about the council tax, gas/electric, phone/broadband, water, TV licence, repairs and maintenance.
Making it your home with all the items you need such as beds,sofa,fridge/freezer, TV, even the kitchen table/sink all cost money when you first set up home.
Look on ebay, freecycle, buy and sell etc for cheap goods
Good Luck

may this's helpful:cool:

dimbo61

My post was for buying a home to live in.
Many BTL lenders want Landlord investors to have an income of £25K+ a year and already own there own property ( therefore equity )