We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Buy to Let for Self Employed

thequant
thequant Posts: 1,220 Forumite
in Mortgages & endowments
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 ?

Comments

  • ACG
    ACG Posts: 24,881 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Do you own any property at all?
    Thats the biggest problem, not the being self employed.
    I am a Mortgage Adviser
    You 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.
  • thequant
    thequant Posts: 1,220 Forumite
    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
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    ACG Posts: 24,881 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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.
    I am a Mortgage Adviser
    You 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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.8K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 246.9K Work, Benefits & Business
  • 603.4K Mortgages, Homes & Bills
  • 178.2K Life & Family
  • 260.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture