Cant find a mortgage, anyone advice? HMO

Craig_Donny

Hi,


I have found a property I want to buy. Its a 6 bed licensed HMO.


Problem I am having are three main points, I spoke to L&C advisors who couldn't help.

1. Im 24 (25 in feb)
2. Property value is 95k
3. My salary is only £22000 (although I do rent out another property for £4800 per year)

Anyone who knows any companies/advisors etc that may be able to help me please let me know.


Thanks in advance


Craig

Rebecca01

Craig_Donny wrote: »

Hi,


I have found a property I want to buy. Its a 6 bed licensed HMO.


Problem I am having are three main points, I spoke to L&C advisors who couldn't help.

1. Im 24 (25 in feb)
2. Property value is 95k
3. My salary is only £22000 (although I do rent out another property for £4800 per year)

Anyone who knows any companies/advisors etc that may be able to help me please let me know.


Thanks in advance


Craig

How much deposit do you have?

Thrugelmir

Craig_Donny wrote: »

[*]My salary is only £22000 (although I do rent out another property for £4800 per year)
[/LIST]

Is there a mortgage on this property?

Craig_Donny

Hi, my deposit would be 25%, would love a 15% one if i could but doubt i will be able too.

There is no mortgage on the other rented property but its value is only 50000

ACG

Do you declare the income on the other? £22k plus the £4,800 gets you over the £25k barrier.

Speak to more brokers, I would like to think there are options out there you may just end up on a not so great rate for a year or 2.

Craig_Donny

I have only had the other property since may. So no overall tax slips including it yet.

HaydenB

A broker has just sorted me one out with Aldermore - I didnt expect to get one at all given that I am in a Debt Management Plan. Give them a try.

Tillypop

Hi Hayden. Can you let me know what broker helped to get you with Aldermore. I'm also in Dmp but struggling to get a mortgage. I've approached a specialist for help. Thank you