Longer term mortgage plans, please help!!

stiuk

Hi all,

I'm a long time skimmer of the forums although have a rather specific question and would be greatful of any advice particularly from those that have buy-to-lets etc.

Here's my conundrum....

I'm 28, sole director of a small Ltd company (gives me about 50k a year) and another income of around 50k-60k a year although its through betting so not eligible for a mortgage, also no garuntee it will be the same in a few years time. The company return is mainly taken through divedend at the end of the year in July.

Im looking to get a mortgage from the companies income soon. Have about 40k deposit spare.

I wish to get involved with Buy-to-let market and basically do the right thing making my money work for me.

Trouble is im a bit stuck deciding what to do and how to approach the whole situation, have come here as don't even really know anyone personally that could advise me well.

My initial plan is to get a property early new year with the deposit i have saved and then look to get a flat to rent out in April/May as by then id be confident of having saved another 10k (just a small flat) and then again hopefully raise a second buy to let mortgage in July/August with the divedend from the company?

Is this the best route of action? can anyone advise me a better option? Also I have been looking at areas to buy, looking at last years stats as close to london as possible is best to yeild the best return on investment, any alternative theories?

Cheers

Paul.

amnblog

You should be able to do what you suggest.


You definitely need the help of a good mortgage broker.


Don't get involved with any companies offering to find you 'bargain' investment properties with 'excellent rental yields"

stiuk

Sure, id be very weary of such things. Any advice on where im more likely to find the reliable ones ?