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Simonhartley79
New Member
Hi there everyone,
I am fortunate to have a 700K deposit to put down on a property. Obviously I could buy out right but I’m looking at London and wanting to spend around 1.2 million.
I work for myself and I’ve been too tax efficient and my earnings for the last two years average out at £25k.
it is worth noting I don’t currently own a property, and the property I want to purchase, I might live in or I might let out so I’m looking at buy to let and residential mortgages. I’ve been told by two separate brokers that for residential mortgage it will only be five times the 25K and I won’t be to get a buy to let mortgage because I’ll need to demonstrate a minimum of 40K earnings. I am surprised funding would be so difficult with such a large deposit.
If I were to buy something out right then in time would I be able to remortgage or would I face the same problems?
Am I getting the right advice? Any tips and advise welcome
I am fortunate to have a 700K deposit to put down on a property. Obviously I could buy out right but I’m looking at London and wanting to spend around 1.2 million.
I work for myself and I’ve been too tax efficient and my earnings for the last two years average out at £25k.
it is worth noting I don’t currently own a property, and the property I want to purchase, I might live in or I might let out so I’m looking at buy to let and residential mortgages. I’ve been told by two separate brokers that for residential mortgage it will only be five times the 25K and I won’t be to get a buy to let mortgage because I’ll need to demonstrate a minimum of 40K earnings. I am surprised funding would be so difficult with such a large deposit.
If I were to buy something out right then in time would I be able to remortgage or would I face the same problems?
Am I getting the right advice? Any tips and advise welcome
