Would I Get A Mortgage?

Thrugelmir

WannaBLoaded wrote: »

It wouldn't be the end of the world not being able to buy and sell withing six months, it just means my hopes of getting two done in a year are slim until i build up a pot of money so that i can buy places without selling the first, but then i will have to look into taxation.

Allowing for purchase and sale times. Two a year is probably optimistic. If you are actually going to add value to a property in a meaningful sense.

WannaBLoaded

Thrugelmir wrote: »

Allowing for purchase and sale times. Two a year is probably optimistic. If you are actually going to add value to a property in a meaningful sense.

I'm not planning to give it a lick of paint, if that's what you mean.

We will be gutting, new kitchen, bathroom, extensive electrics, plenty of sockets and flashy stuff, but not over the top, boiler, rads, flooring, decorating.

Probably a spend of 7-10k. We'd do all of the work ourselves, with the exception of the skimming because it's hard work.

I would hope that buying a 70k place and spending 7-10k would leave us with house worth close to 100k.

I would estimate the works taking 8-10 weeks but we will most probably fit this in and around doing other work if there's a 6 month lock on.

I guess we could get the estate agents to start marketing after the 4th or 5th month to allow some interest to build up but then our destiny will rely on the third parties working quickly.

WannaBLoaded

_CC_ wrote: »

Would someone with an income of less than £10,000 in the past year obtain a x 5 mortgage?

"WannaBLoaded" will have to change their username to "WannaBDebted"

Within a month or so i will have already made more than i did for the whole of the last tax year, so it's not like i can't actually afford it, but as someone else said, they want full years of accounts.

Whether this is different for the commercial sort of finance i don't know? Because my business account has had some big sums go through it and more to come. But they don't really know what your actual profit is until you give hmrc a figure do they

nstreather

Hello

Thank you for sharing. yes of course you can. as discussed i believe Nationwide are doing some goo deals for a BTL mortgage. i would post a link but i am not aloud as i am a new user

Please feel free to share and comment

kingstreet

nstreather wrote: »

Hello

Thank you for sharing. yes of course you can. as discussed i believe Nationwide are doing some goo deals for a BTL mortgage. i would post a link but i am not aloud as i am a new user

Please feel free to share and comment

Nationwide Building Society doesn't offer BTL mortgages.

It has a separate subsidiary which offers such products.