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If you ever buy a property, listen to me.... NEVER SELL!
Ok so this is the thread then thanks to @FunkButcher.
I can give this advice is for two reasons. 1.- I’ve been an estate agent since 2006 moving up the ranks from trainee to management level & 2.- I bought my first property at age 23 and made a terrible mistake by selling....
I can give this advice is for two reasons. 1.- I’ve been an estate agent since 2006 moving up the ranks from trainee to management level & 2.- I bought my first property at age 23 and made a terrible mistake by selling....
Let’s start from the top... 1 - GET A JOB (one that you can prove your income with payslips and make sure the money is being paid into your account) 1.1 - If self employed you’ll need 1-3 (more likely 3) years of accounts.....
2 - Build up your credit score. U might think having no loans or credit cards is good but lenders want to know you can handle borrowing. Build up your score by getting a credit card and paying back what you use each month....
3. Never miss any payments try not to default on any agreement. If you get a CCJ, you might as well call it long unless you’ve cleared it off and can show that since then you’ve been squeaky clean with payment history for a good while after clearing off the debt
Currently most banks want 15% of the property price as deposit for first time buyers with only a few offering 10% deposit deals. You generally can borrow 3.5 - 5 times your income.
Property prices are high so you may have to buy with a partner. Make sure you can trust them or you’ll end up in a madness but joint incomes increase the chances of getting the place you want
If you’re doing a buy to let then you’ll need at least 25% deposit of the purchase price. Buy to let means you want to be a landlord. BTL Borrowing then is based more on the property rental income that what you earn but you still have to prove you have a job.
*than what you earn...
