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buying/renting/mortgage
amrishcshah
Posts: 1 Newbie
Dear All,
I am in a bit of a conundrum. I have lived/worked in the UK for about 8 years prior to leaving to take a contract elsewhere - which made me alot of money but now I am headed back to the UK and find myself in a fix.
I have two properties both cash paid - so no mortgage but when I return I am going to be self employed.
My predicament is either to move in with a friend and initially live off the rental income from both properties or boot a tenant out and move into one of my properties.
My big querey is whether to attempt to get a mortgage - not sure I will be eligible since I have been away for four years now - so have had very limited income in the UK (mainly through rent and alternative investments).
If I could get a mortage for a home I would, I have sufficent funds for a deposit but not sure I would be eligible because of my income.
The other option is get a buy to let mortgage and continue to just live on rental income and rent a room from my friend.
My last resort is remortgage my properties - to raise finance to buy more properties.
Initially I want to remain self employed and work on buy to let and property refurbs etc.
I need some advice or suggestions on how to work this.
thanks in advance
I am in a bit of a conundrum. I have lived/worked in the UK for about 8 years prior to leaving to take a contract elsewhere - which made me alot of money but now I am headed back to the UK and find myself in a fix.
I have two properties both cash paid - so no mortgage but when I return I am going to be self employed.
My predicament is either to move in with a friend and initially live off the rental income from both properties or boot a tenant out and move into one of my properties.
My big querey is whether to attempt to get a mortgage - not sure I will be eligible since I have been away for four years now - so have had very limited income in the UK (mainly through rent and alternative investments).
If I could get a mortage for a home I would, I have sufficent funds for a deposit but not sure I would be eligible because of my income.
The other option is get a buy to let mortgage and continue to just live on rental income and rent a room from my friend.
My last resort is remortgage my properties - to raise finance to buy more properties.
Initially I want to remain self employed and work on buy to let and property refurbs etc.
I need some advice or suggestions on how to work this.
thanks in advance
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