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£50,000 property-do i qualify?

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  • dimbo61
    dimbo61 Posts: 13,716 Forumite
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    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
    Graham_Devon Posts: 58,560 Forumite
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    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
    giddypenguin Posts: 808 Forumite
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    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
    Niv Posts: 2,469 Forumite
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    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.
    YNWA

    Target: Mortgage free by 58.
  • hoanggiao
    hoanggiao Posts: 1 Newbie
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    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
    dimbo61 Posts: 13,716 Forumite
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    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 )
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