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Mortgage with bad credit
prodigalson
Posts: 68 Forumite
I want to build a rental property portfolio, I am 24 years old with terrible credit. I am in the process of creating a new credit file. Does anyone know any underwriters who don't base mortgages on credit but on the value of the property (cheap) (under 100k), large deposit (20k), regular self employed salary (last 6 months history).
I want to mortgage to be cheap in terms of interest rate?
Would it be better to wait another 4-5 years (will have savings of minimum £80k) but interest rates could be much higher?
I want to buy small and cheap properties with high yields (7-15%). The properties I am interested in are usually £50-60k if a small amount of work is done could be worth £70-75k?
Want to buy 3-4 properties in this range in the next few years, just building a small and cheap property portfolio which should have 100% occupancy with not too much risk.
Also what is taken in to account if the properties are bought through a limited company?
I want to mortgage to be cheap in terms of interest rate?
Would it be better to wait another 4-5 years (will have savings of minimum £80k) but interest rates could be much higher?
I want to buy small and cheap properties with high yields (7-15%). The properties I am interested in are usually £50-60k if a small amount of work is done could be worth £70-75k?
Want to buy 3-4 properties in this range in the next few years, just building a small and cheap property portfolio which should have 100% occupancy with not too much risk.
Also what is taken in to account if the properties are bought through a limited company?
Emergency Fund: 0/1,000
ISA: 0/20,000
Loqbox: 0/10,000
ISA: 0/20,000
Loqbox: 0/10,000
0
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