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I want to get into buy to let, but am finding it difficult getting a mortgage. I have spoken to one broker who advised that it would be difficult due to my age (57). They also said it would be easier if either I owned my own property (I don't as I rent) or had a BTL already established as collateral.
I have about 50k to invest in the North West area and was thinking of a cash buy flat or similar of about £30k to get me started.
Any advice would d be appreciated - I have done over a years worth of research but I now find myself at this point and a little stuck for ideas.
Are there any opportunities/events to network - thinking of joining the RLA or similar.
Hi Paul and welcome to the tribe.I recommend you speak to another broker as what you have been told is simply not the case. Finance is the lifeblood of any property business so its vital to ascertain your personal position and if you can access it, before making any decisions.
If you speak to the PT Brokers Team on 0333 363 6507, they will be able to advise you.Once you know if you can access BTL finance or not, that will bring clarity to the direction you can take.If you do buy for cash, go for a house, not a flat.10 reasons to buy a house rather than a flat .... EVERY time. Hope that helps for starters and good luck!
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I bought my first btl in NW last year, I am in rented accommodation (but have had a mortgage in the near past) and am working as a supply teacher so no formal work contract. I was 56 and had slightly more money than you, I bought a 3 bed terrace house for £55,000 spent £8000 refurbishing and then 6 months later got a mortgage with BM mortgages for £56,000.00, house valued at £75,000.After all costs, legal, landlord license, refurbish insurance etc. etc I have about £12,000.00 of my own money tied up in the property now and am getting £600 a month rent thats over 60% return on Investment before you take away money for mortgage, repairs, insurance etc.. I was not even asked to show proof of earnings, so it is entirely possible, don't be put off, try another broker!!
Sorry to ask...which area is that needs landlord license?
Good effort EJen. It goes to show that there are some good deals around still. Did the area go up in value or was it simply the refurb that added to the value?
The refurb added value, the area has barely gone up in value since the crash of 2008 when property there dived by about 20,000 and didn't buy it with this in mind, purely for the income.
There are lenders who will accept applications from first time buyers or non owner occupiers and first time landlords, and most lenders will look at lending to age 70 as a minimum, so your age and these factors should not be an issue.
Some do have minimum property values, and will likely need to see a certain minimum income from you (generally over £25,000 to £30,000 per annum) from employment. They will also look at your credit and potentially your own income and outgoings in more detail as you are a first time landlord, this extra detail can be requested for first timers as they will be looking to see how you will be managing any rental voids as this is your first investment.
Happy to help you track down the best lenders for your personal circumstances, and to help you navigate the different criteria the lenders put in place. As much of this information is personal you may prefer to private message me or call on 07581 794922
The most important thing that based on the little information provided here - there are lenders available!
Property Tribes Financial services
You can contact me via Direct Message, or 07581 794922 or call the team on 01206 654444 for personalised quote and advice