Looking to buy first property

n0499049

Hello,

I'm new to this forum and this will be my first post!

Im looking to secure some money for a property that has gone on the market on the same street I currently live on. This will be the first property I'm buying and I'm looking to initially buy this property to put on the rental market. I'm only 22 years old and currently living with parents.

I've had a look at all the buy to let mortgages, however I don't quality because of the age limit (most being a minimum age of 25). I'm a recent uni graduate and working part time. I do have a full time role which i will be going into in August.

I'd just like some advise on how i would go about securing the asking price for the property and what steps I would need to take in order to successfully have this property under my belt!

I look forward to all replies and appreciate you help in advance!

bob_bank_spanker

Most BTL mortgages require an income of 25k (which you do not have), a minimum age of 25 (which you are not) and that you own and live in your own home (which you do not).

You may be able to find specialist finance, consult a good whole of market broker, but I don't fancy your chances, sorry.

hazyjo

The info above prob makes it a no-go, but do you have a deposit - and what percentage is this to the house? What debt do you have?

n0499049

hazyjo wrote: »

The info above prob makes it a no-go, but do you have a deposit - and what percentage is this to the house? What debt do you have?

I do have a deposit - this is 10% to the value of the house. In terms of debt the only real debt is my student load which will only be repaid monthly once I get an income of £21k+

Thanks

n0499049

bob_bank_spanker wrote: »

Most BTL mortgages require an income of 25k (which you do not have), a minimum age of 25 (which you are not) and that you own and live in your own home (which you do not).

You may be able to find specialist finance, consult a good whole of market broker, but I don't fancy your chances, sorry.

Thanks for the advice. Getting onto the property ladder is a lot harder now than what it used to be I guess.. I mean what would the "ideal" person require to apply for a mortgage on a property?

hazyjo

You'll prob need a 25% deposit for a BTL anyway. All of the above say it's not happening... sorry!

hazyjo

n0499049 wrote: »

Thanks for the advice. Getting onto the property ladder is a lot harder now than what it used to be I guess.. I mean what would the "ideal" person require to apply for a mortgage on a property?

Buying a property to live in is very different to buying a BTL.


I'll only really be stating the obvious by answering... was there something specific you weren't sure about re buying to live in?

bob_bank_spanker

Yes, as hazyjo suggests, why are you looking to BTL? Being a LL is time consuming, and takes real effort. It is far from a cash cow (trust me!).

You will face punitive additional SDLT when you come to buying your own home. CGT when you dispose of your investment property. It's not for the faint hearted.

Just keep saving hard, and buy a house that you want when the time is right.

fairy_lights

You don't even have a full time job yet, no one is going to give you a buy to let mortgage.

saajan_12

I've never heard the age to be a factor, and purchased a BTL aged 23 (and a half!) The main factors for a BTL I faced which I think might be an issue for you are:

* Atleast 25% deposit
* Own and live in own home
* Non rental income of 25k
* Expected rental income 125% of mortgage interest payments

ReadingTim

Notwithstanding the fact that you're too young to take out a BTL mortgage, and don't have full time job to cover the repayments during voids, I couldn't find any providers who offer more than 80% LTV for new borrowers/customers. Therefore, your 10% deposit isn't sufficient either.

Suggest you concentrate on the job market, not the property market, for the time being.