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Where to start ?

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  • Where to start ?

    Hi

    My Husband is looking to purchase a property to do up and sell within around 6 months. He has the necessary skills and his father is an accomplished builder, we live in the South Wales Valleys where property can be still relatively cheap and there are a few bargains to be had.
    We have 14k saved up and we have our own home in which both our names are on the mortgage. How do we go about financing our first property. We will not be selling our house, as we have a 3 year old son. All the properties we have looked at so far seem to be owned 'corporately' so would need to be either a cash buyer or have a mortgage inplace within 28 days. We both have very good jobs so I suspect that mortgage would not be an isssue, however, we have had differing information regarding having two residential mortgages and buy to let seem to start at 40k where the houses we have viewed are around the 30-35k. Basically how do you start with this scenario ? (BTW we have no family or friends who could lend us the capital).
    Thanks
    Sarah

  • #2
    Re: Where to start ?

    Hi Sarah,

    Buying on a buy to let basis with a minimum 20% deposit would be the way to go.

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    • #3
      Re: Where to start ?

      Yes it's best percentage to deposit.

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      • #4
        Re: Where to start ?

        Hi Sarah, Having someone to do up the property themselves is always a great way to save money and to top that having a builder who obviously won't rip you off seeing as it's his father will be reliable and trustworthy which is great. You are in a good position but I think 6 months is a bit slow unless you either plan to take it slow or totally blitz which isn't possible on that budget. Unfortunately mortgages are difficult to get hold of these days and you just have to look around. It's just the tough times we are having. Good luck.

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        • #5
          Re: Where to start ?

          Well you basically have to save up for the deposit and get a buy to let mortgage.

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          • #6
            Re: Where to start ?

            Property prices are cheap for a reason, people cannot afford to pay more or get a loan to buy. Many are out of work.
            You may well find someone to lend you the money but you won't be able to sell it for a profit.
            The best house in a bad area is not as good and the worst house in a good area.

            Use the £14k and pay off your mortgage or you will end up losing it all IMO
            BRAND NEW HOMES
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