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First time buyer - buy to let
Fishmarket
Posts: 27 Forumite
My son who lives at home wants to get onto the housing ladder by buying a buy to let property as a first time buyer. Barclays could not offer him a mortgage because his £20k annual salary is below their threshold of £25k. He has savings of £40k and is looking for a mortgage of around £50k Does anyone know of any reputable lenders who would help him?.
0
Comments
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get a broker to try and match him to a lender
but is your son aware of the legal and tax implications of a BTL, it's not the money making scheme it used to be
https://forums.moneysavingexpert.com/discussion/5952600/sell-or-stay-rental-property
https://forums.moneysavingexpert.com/discussion/5896992/evicting-tenants-via-court-and-bailiffs"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
You will struggle with this on both counts of what you mention.
It could be possible but you will need a broker as it will not be with a high street lender.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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