A chance in (Hello I'm new)?

watermelon333

I'm sure that I'm not the first to ask this kind of question but I hope you'll forgive me, I'd like to find out what other people would do in my situation - please be completely honest. So I'm 30, married, currently renting in London, my income is about 25k and my wife (37yrs) is trying to get a new business going so no real income on her side at the moment. I only have about 5k in savings but my mother has offered to help with a deposit if required. I know it's a pipe dream to be able to buy anything in London (or perhaps anywhere) on our circumstances at the moment but I want to understand if it's worth it to consider part buy/part rent/joint ownership etc all of that stuff because it seems complicated and expensive but on the other hand is that a realistic way of getting a toenail on the property ladder? Mine and my wife's work doesn't have to be in London, we could probably get out of London and keep my salary and her business going if there really was no hope. But are there other options of getting on the ladder? Buy to let? Or is that not allowed for non-property-owners?. Hope that's enough info - thanks in advance.

Yorkie1

Welcome to the site.

I'm not sure about most of your questions, but I think BTL is a non-starter for you. Most BTL lenders require the applicant to be a home-owner first. There are also higher deposit requirements (often at least 10%) - which your £5K won't go anywhere towards, and a minimum income requirement (which you might just meet).

amnblog

If your wife is starting a business, presumably that will dictate where you need to live.

this post is less about mortgages and property and more about you and your wife deciding what you want from life over the next 5 to 10 years.