Buy to Let for Self Employed

thequant

I've just become self employed, but have contracts signed for a value of £100k

My Cash Assets are £150k

I'm wanting to buy a BTL, looking to put down in excess of a 50% deposit.

Looking at critrea of a few lenders it looks like I don't qualify for any BTL loans (I'm also a non owner-occupier)

What are my options ? will anyone lend to me ?

ACG

Do you own any property at all?
Thats the biggest problem, not the being self employed.

thequant

ACG wrote: »

Do you own any property at all?
Thats the biggest problem, not the being self employed.

None

If I bought a cheap place outright, would that make a difference ? and then used the balance for a deposit on a second property would that work ?

Thrugelmir

thequant wrote: »

If I bought a cheap place outright, would that make a difference ? and then used the balance for a deposit on a second property would that work ?

Owning your own property is potentially more beneficial than a BTL.

ACG

You probably wont need to go to the extent of buying a cheap property outright, but there wont be loads of options available to you as it currently stands - maybe 2-3.

Its probably worth speaking to a broker as i dont think you will do this without one.