Just wondering how likely this is and would appreciate the benefit of any advice.
I've seen a property that is for sale as a rental investment as it has tenants currently living there on an AST. It's in an area that I could see myself relocating to in 18 months to 5 years time, but I currently live and work in London. Is there any chance that I'd be able to get a buy to let mortgage with a 10% deposit and not being a homeowner? Or could I get a normal mortage with consent to let if I was planning on moving to the property for the latter half of the initial mortgage period?
I currently live in a shared house so outgoings are fairly low, have a secure and well paid job and the mortgage value would be slightly below 3 x annual wage before tax. I could easily afford monthly mortgage payments in additional to my personal outgoings if it came to it as it's less than I what I aim to save each month for a deposit anyway (based on 4.5% @ 20 years).
It's not that I love the property so much that I want to snap it up now, more that I quite like and think this might be a good investment.
thank you in advance.
I've seen a property that is for sale as a rental investment as it has tenants currently living there on an AST. It's in an area that I could see myself relocating to in 18 months to 5 years time, but I currently live and work in London. Is there any chance that I'd be able to get a buy to let mortgage with a 10% deposit and not being a homeowner? Or could I get a normal mortage with consent to let if I was planning on moving to the property for the latter half of the initial mortgage period?
I currently live in a shared house so outgoings are fairly low, have a secure and well paid job and the mortgage value would be slightly below 3 x annual wage before tax. I could easily afford monthly mortgage payments in additional to my personal outgoings if it came to it as it's less than I what I aim to save each month for a deposit anyway (based on 4.5% @ 20 years).
It's not that I love the property so much that I want to snap it up now, more that I quite like and think this might be a good investment.
thank you in advance.