Can my mum buy a BTL property at her age?

economic

Hi

my mum has never owned a property and currently lives with my dad in his home which he owns 100% mortgage free.

Was wondering if my mum can buy a BTL property at her age (60) and without having owned a property? She earns a salary of £25k.

thanks

leveller2911

If I were in my 60's I wouldn't want to start a business such as BTL with all the responsibilities/hassles involved.

I'd want to be sitting back and enjoying life and not having to deal with a phone call on a Sunday morning from the tenant to say how the heating has packed up.

kingstreet

economic wrote: »

Hi

my mum has never owned a property and currently lives with my dad in his home which he owns 100% mortgage free.

Was wondering if my mum can buy a BTL property at her age (60) and without having owned a property? She earns a salary of £25k.

thanks

Possibly. Subject to status and deposit.

BrassicWoman

she can buy a BTL if she has money. What may be more difficult is funding it if she it short of money. Does she have a deposit?

marksoton

Have you been partaking artfull!? :rotfl:

iantojones40

One thing from reading all the "getting in to BTL" new threads on here is very obvious to me... the disincentives being introduced by the Chancellor and the BOE are quite obviously not nearly enough to deter these types (unless they're just all too stupid, ignorant and ill informed to understand and appreciate the future implications)

kingstreet

theartfullodger wrote: »

Possibly:

I got a B2L mortgage, interest only, about 2 years ago when aged 66 - running until I am 80. It was with "The Mortgage Works" who I think only work through brokers (speak to a couple). And I had no salary, only pensions (bit more than mum's income).

However, only become a landlord if one has the financial AND emotional reserves to cope with the tenant-from-hell (or agent-from..) who doesn't pay rent for 7 months whilst you pay mortgage, legal costs to get them out & repair costs: Repair costs?? Oh yes, or judge will decide you've been harassing.. and give tenant longer: Rent "guarantee" schemes/scams?? Don't bet on them.

And is mum happy to be 'phoned up at 23:13 Saturday evening with "toilet's leakin innitt" - she "so sorry my good man I'll have my staff attend monday am" - he "nah, nah, it's an 'orrible pong sofa's ruined and there's mushrooms growing on sitting room carpet - get raannnd 'ere nah..."!!!" And she says ".. oh, sorry to hear that, how long has the situation obtained for, pray" he say "2, 3 maybe 4 weeks dunno - GET RAANND 'ERE YOU SL***G.... NAH..."

Get the drift??

Most years I make money from my properties: But not every year (this year two sets of complete double glazing...).

Cheers!

PS a) If she is on deeds of current home she'll pay the 3% stamp duty for landlords...
b) If she is not on the deeds, as a spouse she has rights both to live in current place & probably to a share of it if there are ever "problems"....

She's never owned a property, so limited options.

marksoton

iantojones40 wrote: »

One thing from reading all the "getting in to BTL" new threads on here is very obvious to me... the disincentives being introduced by the Chancellor and the BOE are quite obviously not nearly enough to deter these types (unless they're just all too stupid, ignorant and ill informed to understand and appreciate the future implications)

I'd wager it's the latter judging by the posts.

I also suspect this isn't the end of the changes.....

Marktheshark

I will briefly explain how this "trap" works
Mortgage rates are suppressed at present levels.
In bail all the mugs as expected.
Bang, boom, 15-17% comes back and everyone gets their hand burnt, property which is severely over valued falls rapidly in to negative equity and their properties get repossessed.
The people pulling the strings see the 15 year plan come off, get rich and start it all over again.
The houses are still there, the real investors, those lending the mugs the money simply can not lose.

If as a BTL investor you do not factor in +10% mortgage rates for at least 10 years and 40% negative equity on top then, quite simply, you are a gambler, not an investor.

ognum

leveller2911 wrote: »

If I were in my 60's I wouldn't want to start a business such as BTL with all the responsibilities/hassles involved.

I'd want to be sitting back and enjoying life and not having to deal with a phone call on a Sunday morning from the tenant to say how the heating has packed up.

Hmm, don't agree with your opinion, 60 year olds are more than capable or running a BTL buisness. Not everyone is ready for the pipe and slipper just because they are 60.