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What are my options
englishdesi
Posts: 102 Forumite
Hi All,
I am interested in buying a second property, perferably a 2 bedroom place priced around £230,000
I completed on my first place a few weeks ago, I got a Bank of Ireland 1st Start 100% Mortgage of £179,950, my salary is £29,000 per annum.
My monthly repayments are £1000.
What are my options with regard to buying a second property, I am looking at renting it out, is it worth getting a 100% buy to let mortgage, if so who does them.
Also if I got my dad involved, would it help with the calculation multiples ?
Regards
Englishdesi
I am interested in buying a second property, perferably a 2 bedroom place priced around £230,000
I completed on my first place a few weeks ago, I got a Bank of Ireland 1st Start 100% Mortgage of £179,950, my salary is £29,000 per annum.
My monthly repayments are £1000.
What are my options with regard to buying a second property, I am looking at renting it out, is it worth getting a 100% buy to let mortgage, if so who does them.
Also if I got my dad involved, would it help with the calculation multiples ?
Regards
Englishdesi
0
Comments
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If you didnt have 22 posts I would think you were joking.
You got a 100% mortgage of 6x salary and now want to look at 100% buy to let? Even if that was possible, it would be potential finanancial suicide which you could not afford on just £29,000 a year.
You would be paying a tenant to live in your house with a 100% mortgage. Break even points are around 75% (which means you are doing nothing with 25% of your capital).
If I was you, I would concentrate on getting an emergency fund built up ASAP and possibly even over pay the mortgage. Not get into more debt in a market which is beginning to come to an end.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
6x salary and lenders say they are responsible and such lending isn't fuelling the market! Did you know the moon is made of cheese?0
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