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Could I ever get a BTL in my current situation?
49IM
Posts: 42 Forumite
Age: 30
Salary: 12k gross (yes, twelve! Actually slightly less
)
Other income: ~12k gross from room rental (I own a four-bed house and let three of the rooms)
Cash savings: ~35k
Equity in current house: ~135k
Outstanding mortgage on current house: 35k (repayments of £200/month)
To be blunt, I have almost no career prospects but do seem to have a lot more cash and assets than most of my friends of a similar age. I have renovated houses before and worked with landlords as well and am confident I could "run" a BTL if I could obtain one. I'm thinking that my very low official salary could be a sticking point, though? You don't get anything useful around here for less than 120-140k really.
What do you reckon?
Salary: 12k gross (yes, twelve! Actually slightly less
)Other income: ~12k gross from room rental (I own a four-bed house and let three of the rooms)
Cash savings: ~35k
Equity in current house: ~135k
Outstanding mortgage on current house: 35k (repayments of £200/month)
To be blunt, I have almost no career prospects but do seem to have a lot more cash and assets than most of my friends of a similar age. I have renovated houses before and worked with landlords as well and am confident I could "run" a BTL if I could obtain one. I'm thinking that my very low official salary could be a sticking point, though? You don't get anything useful around here for less than 120-140k really.
What do you reckon?
0
Comments
-
Probably best to post on the mortgages forum where the mortgage brokers hang out but it is possible to get a BTL mortgage with very low income, the mortgage can be based on the rental income from the property, providing the rental figures stack up.
The fact that you are a homeowner and have a deposit works in your favour.0 -
Ah, yes - in my haste I didn't really notice that section. I'll post there.0
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