Jump to content

Getting first mortgage advice


Recommended Posts

Hi, I'm new to the forums and come here searching for answers to my issues,

I'm really excited to start investing my first substantial savings and after reading rich dad poor dad and several similar books feel I want to set my targets, I have a few specific issues, my capital isnt huge I have approximately GBP10,000 but I can raise that to GBP15,000+ over the next 6months no problem and given the way the market is and the areas im looking to invest (as I'm from Middlesbrough origionally i may look to invest there or maybe a smaller property in Leeds where I have also spent a couple of years and know both areas reasonably well). My main issue is my age and employment history.

Firstly I'm only 20 years old and after looking at a couple of banks for example the Lloyds banking group who ask a minimum age of 25 for a buy to let mortgage I was a little worried that this is something I may struggle with, is there anyone on here that has or has heard of people of my age getting approval on buy to let mortgages?

Secondly as to my employment history I have been traveling around over the last 2 or 3 years, I have no gaps in my employment I have never went more than 2 weeks without a job however I work in sales and have been jumping from job to job and from place to place.. If anything I feel this proves that I can find jobs easily but I'm not sure how the banks will look on it. The job I'm currently in I have had for about 5 months earning 50,000AUD + Commissions of 25,000AUD if I hit target but I'm located in Sydney and don't know how or if I can do anything from here or use this job to help with the mortgage approval in any way?

I know my circumstances are very unique and it may be very difficult for many people to help me but I would greatly appreciate any kind of help, one thought I had was waiting till I move back to the UK and then looking for a normal mortgage as opposed to a buy to let and then look for a properly where i could say occupy the basement while having tenants/lodgers in the rest of the house? would this be breaking a normal mortgage agreement or is this a way around my issue? this wont solve the employment issue but it will hopefully solve the issue of my age..

Thanks for any help!


Link to comment
Share on other sites

You really need to have a mortgage broker look at your, unique situation.

* In the Uk you cannot usually get a BTL morgage unless you already own (with or without a mortgage) your own residential property.

* You will need at least 15% deposit and in some cases 25% + buying costs + property set up costs + agents fees.

* You will almost definitely not get a mortgage aged 20 and

* It will be virtually impossible if you are currently living and working overseas.

So, it doesn't look good but keep the ideas coming.

Link to comment
Share on other sites


This topic is now archived and is closed to further replies.

  • Create New...