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Getting into buying and renting a property

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  • Getting into buying and renting a property

    I'm young and while I'm still at home seeing how to get into buying and renting, I don't earn much at all (at the moment) around £7000 an looking at buying a propert for around £100000, do I need £10000 as a deposit on this? Any help or links would be much appreciated, thanks

  • #2
    Re: Getting into buying and renting a property

    You are really going to need to build up some form of deposit am afraid.

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    • #3
      Re: Getting into buying and renting a property

      Yea i know I've got a long way to go, am just trying to get a feel of things now, how much deposit and extras would I need on a house worth £100000, if you know?

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      • #4
        Re: Getting into buying and renting a property

        Hi Mark. I'm sure I posted on this thread already but never mind! If you're looking to get into "buying and renting", I'm assuming you'd be interested in a buy-to-let mortgage. For this type of mortgage, you have to meet a certain criteria i.e. the deposit is typically larger in comparison to your standard residential mortgage. It will likely be 20/30% of the property's value (so for a property of £100,000, you're looking at 20k / 30k - you will also need to budget for development costs depending on the state of the property). Your lender will also want to establish whether the property has good long term investment (often calculated by the yeild). So my advice for you would be to work hard, advance your salary and save as hard as you can. Keep positive, you will get where you want to be eventually!
        Ascot Mortgages
        www.ascotmortgages.co.uk

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