Young person wanting to invest in property I need some advice though

princeofpounds

Come on give the guy some credit for being 18 and thinking about managing his money.

Indeed. The best way to prepare for almost any eventuality is to have a healthy savings buffer. By the time he saves up enough money to be looking to buy at property, he will have had plenty of time to learn about savings and investment.

If it's an ambition to own property that gets him there, it's a perfectly fine motivation even if I can see all the dangers in BTL for the future.

hazyjo

AndyT678 wrote: »

When I was 18 the only financial planning I did was to consider whether I had enough change in my pocket for the next pint.

I'm 44 and still think that way Really not sure what I'm doing here most days lol. Not very MSE!

Would also go with the lodger suggestion, btw. Buy what/when you can and rent a room out.

Keep saving!

Jx

kiermcgovern

also I wanted to take a million dollar loan and pay back whatever me and the lender agree on as the monthly payment and just use the extra lets say 1k a week to help me with getting myself a car, ect. Is it possible though for someone my age and no credit rating? And how would I go about asking for such a big amount. And by keeping that 1M in the bank I can pay the remaining of whatever I owe in so many years.

Caz3121

kiermcgovern wrote: »

also I wanted to take a million dollar loan and pay back whatever me and the lender agree on as the monthly payment and just use the extra lets say 1k a week to help me with getting myself a car, ect. Is it possible though for someone my age and no credit rating? And how would I go about asking for such a big amount. And by keeping that 1M in the bank I can pay the remaining of whatever I owe in so many years.

not going to happen....guidance would be to have your debt equate to not more than half your annual income
If your £1200 per month is net and you have good credit record and no other debts you 'may' be able to get a loan of £8.5k

If you were a lender, would you lend 'you' £1m?

Just stick with saving and in a few years you will have a nice pot to use as a deposit

Pixie5740

kiermcgovern wrote: »

also I wanted to take a million dollar loan and pay back whatever me and the lender agree on as the monthly payment and just use the extra lets say 1k a week to help me with getting myself a car, ect. Is it possible though for someone my age and no credit rating? And how would I go about asking for such a big amount. And by keeping that 1M in the bank I can pay the remaining of whatever I owe in so many years.

A million dollar loan? Not a million pound loan?

I think it's an excellent idea and well worth approaching the banks and building societies to see what rates you'll get on a million pound loan on an income of £1200 a month. What sort of term are you thinking about?