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  • Buy-to-Let

    Critique my strategy - BTL as way into resi?

    Agree with Vanessa, all depends on If you can get the Loans you need to make this work

    If you have large amounts of cash to introduce, it will make your task much easier ... a good Credit Record and a good job behind you wont go amiss either

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Vanessa, you have said it all really, with just a few extra points that I would like to add.

    Joseph, you need to plan strategically and in a very considered way, how you are going to raise the necessary residential mortgage in the future.  Vanessa is right that you are likely to need about 25% deposit, but this also means that you will be taking on a circa £300k mortgage now, and you will need to have the appropriate net funding affordability to be able to take that over on a residential mortgage basis in due course.

    Net affordability factors in earned income and then the lenders have their own equations for any loans, credit cards, hp, finance as well as your credit history, too.

    The answers really lie within your conversation with a professional broker.

    Click the 'Mortgages' tab above or contact us via the signature below, to speak with one of the mortgage adviser team at Property Tribes Financial Services.

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    I would suggest you need to "work backwards" from the point when you need a Residential Mortgage.

    Average FTB nationally borrows just 3.11 x salary due to MMR constraints - so if you needed a £300k loan that implies you need a salary around £100k.

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