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Old 10-17-2015, 03:08 PM
jtreach jtreach is offline
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Join Date: Oct 2015
Posts: 1
Smile Non-homeowner buy-to-let mortgage

Hi all, I was hoping to glean some advice on my first mortgage.

I live in Oxford and cannot currently afford to buy in this area (the house I currently rent is a two bedroom semi and is worth 300k+). Back where my parents live (Hastings) I can buy a two bedroom flat for around 120k and I have seen this area improve vastly every time I return. This leads me to ponder the possibility of buying to let.

I do not own my own house currently. I live with my girlfriend and we have a combined income of around 55k. We can probably (maybe) get around 30k in deposit money together. I am 25 my girlfriend is 24. We have no debts.

So, questions.

  • I hear this is possible but who is best to approach about this type of mortgage?
  • What fees are typical with buy-to-let?
  • What risks do we need to consider?
  • Is it crazy to continue to rent and then invest in buy-to-let?
Any help is greatly appreciated!!!
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  #2  
Old 10-22-2016, 10:34 AM
FindAdviser FindAdviser is offline
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Join Date: Oct 2016
Location: Chelmsford UK
Posts: 1
Default Re: Non-homeowner buy-to-let mortgage

Quote:
Originally Posted by jtreach View Post
Hi all, I was hoping to glean some advice on my first mortgage.

I live in Oxford and cannot currently afford to buy in this area (the house I currently rent is a two bedroom semi and is worth 300k+). Back where my parents live (Hastings) I can buy a two bedroom flat for around 120k and I have seen this area improve vastly every time I return. This leads me to ponder the possibility of buying to let.

I do not own my own house currently. I live with my girlfriend and we have a combined income of around 55k. We can probably (maybe) get around 30k in deposit money together. I am 25 my girlfriend is 24. We have no debts.

So, questions.

  • I hear this is possible but who is best to approach about this type of mortgage?
  • What fees are typical with buy-to-let?
  • What risks do we need to consider?
  • Is it crazy to continue to rent and then invest in buy-to-let?
Any help is greatly appreciated!!!

Hi

First of all you will be wasting your time trying to obtain the mortgage as a buy to let; lenders don't like you to have a buy to let without first owning your own property. But based on what you have said, you should not have to buy via a buy to let. If you make use of the Government's help to buy schemes which allow you to purchase for as little as 5% down and combine this with the help to buy ISA where the UK government will increase your savings by up to 25% (providing you save via the Government's help to buy ISA) then you should be able to buy the house you want. You can find out more on the help to buy schemes on my website - FindAdviser -or call me via the number on the website
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