What are my best options if I saved most of my earnings due to living with parents?

VictoriaWapping

Caz3121 wrote: »

What are the price ranges of the properties that would fit your requirements?

Not sure to be 100% honest, but I think around the £350,000-450,000 range.

VictoriaWapping

duchy wrote: »

You mentioned your parents have moved abroad-Are you planning to live with them abroad or in the UK ? (mades a difference if you are a UK resident or not)

I plan to reside in the UK in the long run - it's just my job that requires me to travel frequently (sometimes for longer periods, e.g. a few weeks at a time).

VictoriaWapping

Pixie5740 wrote: »

What sort of property are you looking to buy? Are you wanting a property to live in yourself? A property to live in yourself and large enough to take in a lodger? A property that you want to let out completely and not live in yourself?

Are you still wanting to buy a property in London? What is your income as this will play a big part in what you can afford.

It appears that I want to let out completely and if I can afford it I would stay in a hotel/hostel whenever I am back in London (as I travel a lot for a living and am almost never in London).

Current income is £35k expected to grow soon, and I may be able to get some financial assistance from relatives/parents.

Caz3121

VictoriaWapping wrote: »

Not sure to be 100% honest, but I think around the £350,000-450,000 range.

VictoriaWapping wrote: »

I think I would be able to deposit around £40/50,000, though with some help from (very good) relatives if necessary also £100,000.

VictoriaWapping wrote: »

It appears that I want to let out completely and if I can afford it I would stay in a hotel/hostel whenever I am back in London (as I travel a lot for a living and am almost never in London).

Current income is £35k expected to grow soon, and I may be able to get some financial assistance from relatives/parents.

You would then be looking for a BTL mortgage. The majority of lenders would not accept an applicant who does not currently have a property
You may also need to review your figures
If this was a residential mortgage
if you have £50k deposit and use a rough 4x income for mortgage calculation you would be able to borrow £140k meaning you would be looking at properties around £190k or £290k if you have the other £100k from relatives

not sure of the calculations for BTL, I am not sure they consider your income but for a £400k property you would likely need £100k deposit and the rent would need to cover £125% of the mortgage interest

There is quite a lot to learn if you are planning on being a landlord as well as special insurances, gas checks, paying tax on the income, you would likely need to employ an agency to manage the property who would take their cut