Where can I find a Private Lender / Private Mortgage

OCTOBERS_VERY_OWN

After speaking to 3+ brokers today I found out because I'm self employed, first time buyer, age 22, who want's to let and doesn't have "audited" two years of accounts (I filled them myself on HMRC) basically I'm doomed to be living at home for the rest of my life.

I want to buy a property to rent out and generate additional income - then with the profit from it save for a deposit on another house and rent that out too, in short to build a property portfolio that I rent out.

I cant go down the traditional route everything is against me, I know I'm good for the monthly payments and I have a large deposit of 30k to put towards a property, so the question is there must be a private lender or website that will consider a private loan for me, I mean if I can't pay the loan they get the property and 30k paid off towards it.

Income varies 26k-35k but I would be renting so I would have the income from that more than enough to cover any loan/mortgage.

Anyone have any advise?

libf

OCTOBERS_VERY_OWN wrote: »

basically I'm doomed to be living at home for the rest of my life.

I want to buy a property to rent out and generate additional income -

Buy a house to live in rather than one to rent out if you don't want to live at home.

Let_Us_See

OCTOBERS_VERY_OWN wrote: »

Anyone have any advise?

Yep, stop day dreaming and accept reality. You have already discovered there are reasons why lenders would not find your proposal acceptable.

PS. You do not need audited accounts and self-assessment is perfectly acceptable to lenders who will work with SA302s.

ACG

Or go and find an accountant and pay them to do your accounts for the last 2 years? They can go back over everything and do it all for you.

Chances are it will cost you about £700+ but if it helps to get you what you want, it might be worth it?

But getting a BTL will not allow you to move out. If you want to move out you need to go and buy a place or rent your own place.

OCTOBERS_VERY_OWN

I've contacted my LTD company's accountant he's going to do my personal accounts that are due. My idea is to get a few properties rent them out get a good additional income from them and then be able to get a decent house for when I start a family.

csgohan4

OCTOBERS_VERY_OWN wrote: »

I've contacted my LTD company's accountant he's going to do my personal accounts that are due. My idea is to get a few properties rent them out get a good additional income from them and then be able to get a decent house for when I start a family.

Hope you have a high enough salary and dividend to meet your price range.


Too much dividends given to yourself will not be as tax efficient.

Caz3121

Many BTL lenders will not lend to someone that does not own their own property so your choice of lenders will be restricted
Make sure you understand the full implications of being a landlord...it may not be the easy money you think it will be

ExpertAdvice

Why are you having 2 parallel posts for the same query?

minimike2

Also you might cause yourself further problems down the line doing this if you want to use any profits to fund a residential purchase, as many lenders will not consider you as a "professional landlord", which they will do if more than a certain amount of your income is derived from rental property.