27k salary, I want to buy a house in England

diesel01

I work in london, I have been working in the same place for over 3 years.

I would like to buy a property in which I dont intend to move to, my salary is 27 k a year, Looking on zoopla a 3 bed house in Wellingborough is in my salary range. I would have a deposit of 10-15k, is that enough? I can get a personal loan if that helps for a bigger deposit.

Will I be able to rent the house/flat out to cover to morgage?

Sorry If i made any typing mystakes.

Thank you.

marliepanda

BTL usually require a 25% deposit, which I am guessing is not 10-15k unless the houses are only 40-60k. Loans for deposits are also not allowed.

They also usually require a residential mortgage already, do you have one?

So to be honest, probably not.

And that is pretty much the same advice as you got last time:
https://forums.moneysavingexpert.com/discussion/5321339

G_M

You'll need a BTL mortgage, usually requiring 25% deposit, as well as rental income = 125% of the mortgage payments.

See also:

* New landlords: advice, information & links

marksoton

diesel01 wrote: »

I work in london, I have been working in the same place for over 3 years.

I would like to buy a property in which I dont intend to move to, my salary is 27 k a year, Looking on zoopla a 3 bed house in Wellingborough is in my salary range. I would have a deposit of 10-15k, is that enough? I can get a personal loan if that helps for a bigger deposit.

Will I be able to rent the house/flat out to cover to morgage?

Sorry If i made any typing mystakes.

Thank you.

As has clearly been pointed out to you numerous times now unless something in your circumstances massively changes it isn't going to be viable.

Maybe time to chase a different dream.

Kevie192

Perhaps you should move out of London? Your salary is painfully low...

looknohands

Kevie192 wrote: »

Perhaps you should move out of London? Your salary is painfully low...

Don't be so rude, OP salary is UK average.
The problem is not with the OP's earnings it's the housing market and pay gap.

Though perhaps OP should move out of London as it's going to become very boring once it's filled with overly judgemental people on painfully above average salaries (like yourself i imagine)

cashbackproblems

I earn double you and am struggling to get a 2 bed on the outskirts (communiting distance) of London. As pointed out you need a bigger deposit unless you buy a unrentable 1 bed in some obscure part of Scotland

I would be using that money to get on the property ladder in London otherwise it might take you 5-10yrs to save a deposit again by which time prices will be sky high

27k might be low but millions in London live on that and even lower.

Comstock

Have you considered making the Wellingbourgh house your main home, and lodging m-f in London. Depending on where you work and how you travel, you could even go home the odd night midweek.

I've no idea how those numbers work in practice, or what house prices is Wellingbourgh are like (you will need to do that research)

Also, could you do the job you do now in London in Wellinborough, albeit at a lower wage?

diesel01

Thank you for your comments and suggestions, I have taken Wellinborough out of the picture, I went there just to have a look at some properties and I didn't like it, probably because i'm so used to london.

Recently I was looking at help to buy, would that be something that can work for me? I saw that with a £10k deposit I can get a £150k mortgage + 40k from Goverment that would be a £200k, I could buy a 1 bed flat in north london around that price.

Any suggestions on that?

Running_Horse

What does Rightmove say?

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=REGION%5E92826&insId=1&radius=0.0&minPrice=170000&maxPrice=200000&minBedrooms=&maxBedrooms=&displayPropertyType=flats&maxDaysSinceAdded=&_includeSSTC=on&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false

Your options seem somewhat limited.

ancientofdays

I have just looked up help to buy on the government website for you. I did not think that this was available for buy to let and the site has confirmed that it is not.