Mortgage advice BTL

banks4u

I now will be debt free today and have a deposit of 100k I earn 49k plus bonus. My debt was from 2012 I got a few defaults which will be cleared on sale proceeds. I was thinking of buying a buy to let are there lenders that would lend to me without having a main property as I'm selling that? I'm living with my husband at the moment.

somethingcorporate

You should go and see a broker - the defaults and lack of property could be a stumbling block for many lenders so best to find and use an expert.

dimbo61

" I am living with my husband at the moment "
Planning on staying with him ?
Are you getting divorced !

HappyMJ

banks4u wrote: »

I now will be debt free today and have a deposit of 100k I earn 49k plus bonus. My debt was from 2012 I got a few defaults which will be cleared on sale proceeds. I was thinking of buying a buy to let are there lenders that would lend to me without having a main property as I'm selling that? I'm living with my husband at the moment.

Does your husband own a house? You could consider a joint BTL mortgage then once you're on the property ladder you could get a mortgage on another property in your sole name.

BTW...you don't need to own a property throughout the mortgage term of the BTL mortgage. You could sell your own property after you've got a BTL mortgage they do not put a charge on your own house.

mik82

Did you see the budget at all?


Withdrawal of higher rate tax relief on BTL mortgages. Removal of 10% "Wear and Tear" allowance on furnished lets.
We'll probably see the end of tax relief on BTL within 10yrs.


You need to make a robust business plan, allowing for having no tax relief on any mortgage interest, and having to service the mortgage yourself through any voids.