Looking to buy first property

n0499049

Thanks everyone for the advice and help. Most of my questions have been answered answered and clarified. For now I will focus on saving for a deposit whilst securing a full time role which will aid in getting a mortgage!

Cakeguts

I think you are going to need to start again from the job market angle. Judging by what you have written I would guess that you didn't study at a top university. You can tell if you did this by what your A level results were. To get into a top university you would have had to have got all As or a mixture of As and A*s. There are roughly only 8% of jobs in the UK that need a degree to do them and they go to the people with good degrees from top universities mostly. So this means that if you haven't been to a top university there is no point in trying to get a job that needs a degree. So if you want to earn enough money to buy a house you need to forget about graduate level jobs and go for anything that pays well. Lots of people make this mistake about university degrees. Most of the universty degrees in the UK do not lead to a graduate job. Once you accept this it opens up lots more possibilities for well paid work or even training in a trade. Do you know any poor plumbers for example?

Once you have got the job sorted out you then start saving for a deposit and then you start by buying a house to live in. It is easier to get a mortgage for a house to live in than to get a buy to let one.

Basically though you need to start with the job market and be very open minded.

Pixie5740

saajan_12 wrote: »

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

How long ago was that? Many lenders have a minimum age requirement of 25 for BTL, Halifax being one of them. However, there are some BTL lenders with a lower age limit such as Barclays but the OP doesn't meet Barclay's other criteria. Some BTL lenders now require the rent to be 145% of the mortgage payments so I think quite a bit has changed since you because a BTL landlord.


It didn't take much in the way of searching online for BTL mortgages to uncover the criteria so I find it strange that someone (the OP) is even considering BTL having done diddly squat in the way of research thus far.

saajan_12

Pixie5740 wrote: »

How long ago was that?
..
It didn't take much in the way of searching online for BTL mortgages to uncover the criteria so I find it strange that someone (the OP) is even considering BTL having done diddly squat in the way of research thus far.

Early 2016.. May have helped that I used a whole of market mortgage broker, so I guess they quickly disregarded lenders/products that wouldn't apply to me. So just over a year later I think there are still lenders out there who don't require the age 25 but the min deposit and min non rental is fairly common (I'd hazard almost universal) so this sounds like a non starter for OP.