19 mortgages needed, point me in right direction

moneylover13

Hi I'm 19 and weeks away from completing the renovation on my first property which will be rented out for £475 PCM with a tenancy agreement for 5 years, which I own outright and will be worth £90k+ once finished. I'm looking to buy more properties soon to rent out but need someone who can help me find good mortgage deals and more importantly find me the companies who will be willing to lend to me. I do realise that i will need to take gaps between each purchase to save some money so if properties are untenanted i can pay the mortgage for up to 6 months. Also i only have outgoings of around £100 a month due to living with my parents and income of £10k. Please can anyone recommend someone who can help? Thanks

Senior_Paper_Monitor

Do not sign up the 5 year tenancy - most lenders will only consider max 12 month standard AST.


A 5 year tenancy will probably be 'the straw that ruins the camel's day' on top of your age, inexperienced landlord and presumably non-home owner status. I can only think of a couple of possible lenders as it is - and they may not be easy.


You need to chat with a broker asap.

steeeb

You need to talk to an all of market independent broker unless you're willing to disclose all your financial history and more - which I would advise against on a public forum.

Most lenders will only lend a BTL product to those who already have a residential mortgage and the rent covers 125% of the interest, there are likely other criteria lender to lender.

Also, be sure you know what you are getting in for being a landlord, and take into account the insurances that will be required, as well as other outgoings including maintenance to ensure that this is right for you.

Also take into account what a rise in interest rates will do, along with a drop in house prices, as well as having a plan for what to do at the end of the term.

kingstreet

If you intend to undertake renovation projects, BTL finance is unlikely to be appropriate as the property needs to be in "readily lettable" condition when the surveyor inspects it.