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First Time. Confused.

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  • First Time. Confused.

    Hello Everyone,

    This is my first post on this forum so i apologise if i've put it in the wrong section.

    A bit of background on me, im 21 years old and a trainee Architect. I have 12 thousand pounds cash to invest and i want to begin property developing. I am currently only on £11000 p/a.

    In your opinion is it possible for me to secure a high percentage mortgage on a house while renovating or am i going to struggle?

    I know i could ring around and find this out but i hate having no idea

    Thanks in Advance

    Adam

  • #2
    Re: First Time. Confused.

    You are going to struggle due to your income. If you are looking on purchasing a run down place for appox £50k it could work, but even at higher incomes you are unlikely to get more than 5 times your income, and that will be unlikely at your income level.

    I just played around with an affordability calculator and the max loan, assuming a good credit history and no other debts (student loans ignored) for an income of £11k, came to £53k. There is no guarantee this would be available to you, but is probably around the most that would be feasible. Do remember that when you purchase a property there are up front costs as well that may eat into your deposit ie solicitors fees, valuation fees etc.

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    • #3
      Re: First Time. Confused.

      It might be possible to purchase a small BTL property baed on Income There are lenders who will accept a minimum income of £10k You would however require a 25% Deposit

      John

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