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buy to let ,no min. income :(
Comments
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"I would like to move there in the future"
Not really a BTL then as you want to live in the property.
I would not mention that when applying :-)
Looks like its a BTL now though....:eek:Living frugally at 24 :beer:
Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post697977710 -
property is worth £50k, so I don't need a big mortgage,
One problem here is the low value of the property. Only having £12,500 equity in the property does not give you or the lender much protection against prices falling, damage caused by bad tenants, dilapidation during repossession - in other words the lender doesn't actually have much confidence they will be able to recover the full value of the mortgage if they have to repossess.
See also this threadA kind word lasts a minute, a skelped erse is sair for a day.0 -
property is worth £50k, so I don't need a big mortgage,
already talked with one broker who had access to 19 lenders and all required min. 25k income
. I'm looking for a buy to let mortgage because property is 300 miles far away, I lived there before and I would like to move there in the future.
3 curve balls
No current property
Low personal income
Low property value
You need a very shrewd broker for this one. I suspect the property value will be the barrier.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
to be onest ,I can buy that property without mortgage ,I have enough savings but I don't wanna use whole, -money make a money-
max 35% - 17,5k0 -
to be onest ,I can buy that property without mortgage ,I have enough savings but I don't wanna use whole, -money make a money-
max 35% - 17,5k
Consider buying the property without a mortgage, get it tenanted and get an established rental income, then go to a lender and obtain a secured loan or mortgageA kind word lasts a minute, a skelped erse is sair for a day.0 -
Owain_Moneysaver wrote: »Consider buying the property without a mortgage, get it tenanted and get an established rental income, then go to a lender and obtain a secured loan or mortgage
Buy for cash if you can then refinance after 6 months as an experienced landlordI am a Mortgage AdviserYou 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.0
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