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#1: Mortgage advice

Posted on 2006-07-22 15:51:04 by Robert

Firstly i now i need to get some proper financial advice i'm just wanting
at this stage to get some casual advice.

I'm currently living at home and im 21. I've had a business account with
hsbc for around 8 months. The business is doing ok and i will probably earn
in the region of 20 thousand this year. I've been taking £600 a month out
which is what i need to live. I have around 10,000 in the business account.
I now i should have that in a high interest account which is something i'm
going to do.
Will i be able to get a decent rate on a mortgage. Will the bank look at me
like this. I take £600 out a week and have built £10,000 up in the business
account in 8 months. So
£600 x 12 = 7200
£10,000 in 8 months so £15,000 in 12 months. will they give me a mortgage as
if i earn £22,200?
I also intend to let the property out. I dont wish to move out yet. I'll
have £10,000 deposit and wish to buy a hose around £75,000

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#2: Re: Mortgage advice

Posted on 2006-07-23 12:11:58 by mogga

On Sat, 22 Jul 2006 13:51:04 GMT, "robert"
&lt;<a href="mailto:robert_matheson&#64;hotmail.com" target="_blank">robert_matheson&#64;hotmail.com</a>&gt; wrote:

&gt;Firstly i now i need to get some proper financial advice i'm just wanting
&gt;at this stage to get some casual advice.
&gt;
&gt;I'm currently living at home and im 21. I've had a business account with
&gt;hsbc for around 8 months. The business is doing ok and i will probably earn
&gt;in the region of 20 thousand this year. I've been taking £600 a month out
&gt;which is what i need to live. I have around 10,000 in the business account.
&gt;I now i should have that in a high interest account which is something i'm
&gt;going to do.
&gt;Will i be able to get a decent rate on a mortgage. Will the bank look at me
&gt;like this. I take £600 out a week and have built £10,000 up in the business
&gt;account in 8 months. So
&gt;£600 x 12 = 7200
&gt;£10,000 in 8 months so £15,000 in 12 months. will they give me a mortgage as
&gt;if i earn £22,200?
&gt;I also intend to let the property out. I dont wish to move out yet. I'll
&gt;have £10,000 deposit and wish to buy a hose around £75,000
&gt;

Ignore whether you can afford it at the moment.

Can you buy a house for 75k in your area? One which could be let out?
What other charges do you have to think about before buying a BTL?

Now you take 600 a month out and live on that but have saved 10k. how
much tax do you owe? It is a ltd company or self-employment?
--
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#3: Re: Mortgage advice

Posted on 2006-07-23 13:28:42 by Ronald Raygun

robert wrote:

&gt; Firstly i now i need to get some proper financial advice i'm just wanting
&gt; at this stage to get some casual advice.

Do you know the difference between &quot;now&quot; and &quot;know&quot;? It's damned irritating
when reading this sort of thing because it doesn't make sense, and you
have to backtrack and notice that the writer has made a mistake, work out
what the mistake was and what he meant to write. All this wastes time.

Don't rely on spell-chekers. Switch them off, because they give you a
false sense of it being right (all they know is that &quot;now&quot; is a valid
word, but not that it's the wrong word). Do your own proofreading.

Sorry to harp on, but you made the same mistake further down.

&gt; I'm currently living at home and im 21. I've had a business account with
&gt; hsbc for around 8 months. The business is doing ok and i will probably
&gt; earn in the region of 20 thousand this year. I've been taking £600 a month
&gt; out which is what i need to live. I have around 10,000 in the business
&gt; account. I now i should have that in a high interest account which is
&gt; something i'm going to do.
&gt; Will i be able to get a decent rate on a mortgage. Will the bank look at
&gt; me like this. I take £600 out a week and have built £10,000 up in the
&gt; business account in 8 months. So
&gt; £600 x 12 = 7200
&gt; £10,000 in 8 months so £15,000 in 12 months. will they give me a mortgage
&gt; as if i earn £22,200?

Probably not. Lenders are nervous about self-employed people who have been
in business only a short time. They like to see a longer history. Maybe
two years.

&gt; I also intend to let the property out. I dont wish to move out yet. I'll
&gt; have £10,000 deposit and wish to buy a hose around £75,000

You could go for a BTL mortgage instead. See a local friendly mortgage
advisor for a chat to discuss options. BTL loans are not generally
calculated on your earnings but on the anticipated rental income. If
the rent each month is around 130% of the mortgage payments, they'll
usually be happy to lend, though many lenders will want you to have
at least *some* income (typically at least £15k) to prove that you
would not be relying on rental income for your living. The fact that
you are living &quot;at home&quot; (as you put it, but everyone lives at home,
I think you mean &quot;with parents&quot;) should count in your favour in that
respect (unless they suspect you're trying to pull a fast one and go
for an easier-to-obtain BTL loan but actually intending to live there).

BTL lenders like to see a 20% deposit, though some will let you get
away with as little as 15%, and you're not quite there yet, considering
that you will have expenses other than just the purchase price (survey
fees, legal fees, mortgage fees, redecorating, furniture, advertising).

Just concentrate your efforts on your existing business, and leave this
idea on the back burner for another 8-12 months. And even then, take
your time. Visit lots of houses for sale and think what you would do
to them. Sooner or later the right one will come along. And one more
thing, and this is very important: Judge the houses you visit not by
how *you* like them, but by how you reckon your target tenant would.

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#4: Re: Mortgage advice

Posted on 2006-07-23 16:17:06 by Robert

&quot;Ronald Raygun&quot; &lt;<a href="mailto:no.spam&#64;localhost.localdomain" target="_blank">no.spam&#64;localhost.localdomain</a>&gt; wrote in message
news:K3Jwg.105974$<a href="mailto:wl.15256&#64;text.news.blueyonder.co.uk..." target="_blank">wl.15256&#64;text.news.blueyonder.co.uk...</a>
&gt; robert wrote:
&gt;
&gt; &gt; Firstly i now i need to get some proper financial advice i'm just
wanting
&gt; &gt; at this stage to get some casual advice.
&gt;
&gt; Do you know the difference between &quot;now&quot; and &quot;know&quot;? It's damned
irritating
&gt; when reading this sort of thing because it doesn't make sense, and you
&gt; have to backtrack and notice that the writer has made a mistake, work out
&gt; what the mistake was and what he meant to write. All this wastes time.
&gt;
&gt; Don't rely on spell-chekers. Switch them off, because they give you a
&gt; false sense of it being right (all they know is that &quot;now&quot; is a valid
&gt; word, but not that it's the wrong word). Do your own proofreading.
&gt;
&gt; Sorry to harp on, but you made the same mistake further down.
&gt;
&gt; &gt; I'm currently living at home and im 21. I've had a business account with
&gt; &gt; hsbc for around 8 months. The business is doing ok and i will probably
&gt; &gt; earn in the region of 20 thousand this year. I've been taking £600 a
month
&gt; &gt; out which is what i need to live. I have around 10,000 in the business
&gt; &gt; account. I now i should have that in a high interest account which is
&gt; &gt; something i'm going to do.
&gt; &gt; Will i be able to get a decent rate on a mortgage. Will the bank look at
&gt; &gt; me like this. I take £600 out a week and have built £10,000 up in the
&gt; &gt; business account in 8 months. So
&gt; &gt; £600 x 12 = 7200
&gt; &gt; £10,000 in 8 months so £15,000 in 12 months. will they give me a
mortgage
&gt; &gt; as if i earn £22,200?
&gt;
&gt; Probably not. Lenders are nervous about self-employed people who have
been
&gt; in business only a short time. They like to see a longer history. Maybe
&gt; two years.
&gt;
&gt; &gt; I also intend to let the property out. I dont wish to move out yet. I'll
&gt; &gt; have £10,000 deposit and wish to buy a hose around £75,000
&gt;
&gt; You could go for a BTL mortgage instead. See a local friendly mortgage
&gt; advisor for a chat to discuss options. BTL loans are not generally
&gt; calculated on your earnings but on the anticipated rental income. If
&gt; the rent each month is around 130% of the mortgage payments, they'll
&gt; usually be happy to lend, though many lenders will want you to have
&gt; at least *some* income (typically at least £15k) to prove that you
&gt; would not be relying on rental income for your living. The fact that
&gt; you are living &quot;at home&quot; (as you put it, but everyone lives at home,
&gt; I think you mean &quot;with parents&quot;) should count in your favour in that
&gt; respect (unless they suspect you're trying to pull a fast one and go
&gt; for an easier-to-obtain BTL loan but actually intending to live there).
&gt;
&gt; BTL lenders like to see a 20% deposit, though some will let you get
&gt; away with as little as 15%, and you're not quite there yet, considering
&gt; that you will have expenses other than just the purchase price (survey
&gt; fees, legal fees, mortgage fees, redecorating, furniture, advertising).
&gt;
&gt; Just concentrate your efforts on your existing business, and leave this
&gt; idea on the back burner for another 8-12 months. And even then, take
&gt; your time. Visit lots of houses for sale and think what you would do
&gt; to them. Sooner or later the right one will come along. And one more
&gt; thing, and this is very important: Judge the houses you visit not by
&gt; how *you* like them, but by how you reckon your target tenant would.
&gt;

Cheers guys. Even noted the spelling. Spoke to someone at hsbc today on the
web chat system they had and they said it would be very hard to get a
mortgage on the basis of a business thats less then a year old. Cant really
afford it yet i dont think. Thanks

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#5: Re: Mortgage advice

Posted on 2006-07-23 18:20:14 by Tumbleweed

&quot;Ronald Raygun&quot; &lt;<a href="mailto:no.spam&#64;localhost.localdomain" target="_blank">no.spam&#64;localhost.localdomain</a>&gt; wrote in message
news:K3Jwg.105974$<a href="mailto:wl.15256&#64;text.news.blueyonder.co.uk..." target="_blank">wl.15256&#64;text.news.blueyonder.co.uk...</a>
&gt; robert wrote:
&gt;
&gt;&gt; Firstly i now i need to get some proper financial advice i'm just
&gt;&gt; wanting
&gt;&gt; at this stage to get some casual advice.
&gt;
&gt; Do you know the difference between &quot;now&quot; and &quot;know&quot;? It's damned
&gt; irritating
&gt; when reading this sort of thing because it doesn't make sense, and you
&gt; have to backtrack and notice that the writer has made a mistake, work out
&gt; what the mistake was and what he meant to write. All this wastes time.
&gt;
&gt; Don't rely on spell-chekers.

hmmmm... &quot;Pot...meet Mr Kettle&quot;.

--
Tumbleweed

email replies not necessary but to contact use;
tumbleweednews at hotmail dot com

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