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First time buyers

edited 30 November -1 at 1:00AM in Mortgages & Endowments
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Lavinia03Lavinia03 Forumite
1 posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments

My partner and I are looking to get on the property ladder. We have been living rent free at his mum's house. I earn 30k and he is on 28k. With a deposit of 30k. We are looking to rent out a room or 2 in the property we do buy, and live between his mum's and the property we buy.

We are looking outside London, so on my income alone I am able to afford a property. I want to buy a property outside London alone as a buy to let and he do the same and stay living rent free. Where as he wants buy 1 big house and rent out some of the rooms.

Would it be better to go for one big property or 2 small ones?

Last bit my mum is 58 on 26k a year and has 20k savings. She has expressed interest in living with us in the future, would it be possible to add her to a morgage to boost the amount I can borrow or would her age set me back?


  • amnblogamnblog Forumite
    11.6K posts
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    Most lenders will not offer you a buy to let mortgage if you do not already own a property.

    If you are buying to let you cannot live there.

    If you plan to buy to live there sometimes and rent rooms that is different again.

    You need some one to one advice from a Professional here.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
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