UK Landlord Forum / Life

Hello Everyone,

I am a new member on this site and thought I would just ask Where do I start?

I am very interested in property and investing in it however I don't have a clue where to begin. I have read through a lot of the pages on this site all of which contain very useful and interesting information however I haven't got the foggiest idea how to make it happen and apply the advice given to my lifestyle.

I am a self employed Professional Dancer and I am constantly jumping from job to job therefore when I go to put my information into a mortgage calculator and they ask 'what is you annual income?' I don't know!

Also is it possible to start you property venture with savings less than £10000? as the hardest part for me is saving a lump sum which is anything over that.

I know I seem to have waffled on but can anybody out there write back with something that will get me started which is written in simple black and white English?

Thank you!

Stevevincent17 

Hey Steve,

Welcome!

I was in your position a few years back. I started off buying going to about 10 of my local estate agents. I explained my situation and then asked them what i could realistically afford to buy. They should print off a list of properties. Gather all the details, and see if anything takes your fancy.

I think it's important that you build a relationship with several agents from different agencies. I wouldn't jump into the market straight away, just keep talking to agents and follow the market!

Also, most of the agencies will have inhouse mortgage brokers- talk to them about your financial situation and see what they can offer. don't necessarily get a mortgage through them, but see what they say.

Hey,

Thank you very much for your response its nice to know that it can be done and there is a light at the end of the tunnel.

Hi Steve.

I would urge caution at the moment! The deposits have increased from 15% to 25 - 30% and you really need to do your sums regarding much you will be actually making from rent. Anything under say 8% is not really worth it.

£10k deposit is not really going to get you much at the moment from B2L and lenders just dont want to take the risk. HAve you thought about buying a house with a normal mortgage and then renting a room or two. This will allow you to increase your cash base as the tax authorities allow a certain amount from rent income (not sure how much) tax office will let you know. Just remember to inform any lender before you rent. Dont mention is in the application as they will invariably refuse.

Where are you based?

You will also need a spotless credit history and I mean spotless. The lenders are refusing loans on even the slightest of transgressions. Check out creditexpert.co.uk for their free 30 day trial. Very enlightening.

Any more info, just let us know.

Jools