Under 18 Loan

dmg24

DRogers wrote: »

Nobody has advised me, that's why I'm asking for advice here, this is only option I was aware of as parental financing is not an option.

Please reread the question. Who has advised you on this great opportunity that you wish to invest in, and who is willing to enter into a contract with you?

DRogers_2

I have been looking around at local property opportunaties for a while. And the contract which I believe you are mentioning is on a property containing a tenant for a minimum of 6 months, thus providing a guaranteed income.

jonesMUFCforever

And what is the guarantee 'bound' by contract??

dmg24

DRogers wrote: »

I have been looking around at local property opportunaties for a while. And the contract which I believe you are mentioning is on a property containing a tenant for a minimum of 6 months, thus providing a guaranteed income.

So you want a BTL mortgage?

What do your parents think of this?

C_Ronaldo

OP why dou you want to make this investment,

jonesMUFCforever

Its not an investment - its a bet that is bound to fail!

thepinkladez_2

DRogers wrote: »

I have been looking around at local property opportunaties for a while. And the contract which I believe you are mentioning is on a property containing a tenant for a minimum of 6 months, thus providing a guaranteed income.

You are basing this on nothing more than a hope. just because the tenats signs a 6 month contract does NOT mean they will pay the 6 months!if they do not pay, you need to be sure you can cover the cost of the rent until you can remove them, you will also need to have enough to pay the fees etc. Letting a property can make money but also can cost you ££££ if you get a bad tenant. you need to have extra money for the following:
tenant not paying rent
any maintenance issues that arrise
tenant legging it!
tenant trashing house
period of time between finding tenants ( this could be months if you are unlucky)

dannynixon

I think that this is an idea you thought was good at the time before really thinking it through. If you want to make money at your age, save and invest it in an ISA