investor17
Registered User
- Messages
- 2
If I were to invest the money in something else like shares or a business venture, it wouldn't have an effect on my FTB status in the future
Hello
Is is currently possible for a person who doesn't own a home to get an investment mortgage.
The LTV of the mortgage would be about 60% and the loan amount would be about 3.3 times my gross salary. I am currently consistently saving about 1.5 times the potential repayment of the loan per month at current interest rates. I don't have any other loans or debts.
The idea would be to either rent out or sell the property once it is developed.
I have heard anecdotally that banks aren't giving out buy to let/investment mortgages unless you own your own home but I'm not sure if it's true.
Thanks!
Most banks wouldn't approve an investment mortgage for someone who doesn't own a house, but one of the main reasons is that they are concerned that the person is really planning to move into the property. If that means relocating, then there could be concerns about whether the person is planning to quit their job, which is the main basis on which the mortgage is approved in the first place.Hello
Is is currently possible for a person who doesn't own a home to get an investment mortgage.
The LTV of the mortgage would be about 60% and the loan amount would be about 3.3 times my gross salary. I am currently consistently saving about 1.5 times the potential repayment of the loan per month at current interest rates. I don't have any other loans or debts.
The idea would be to either rent out or sell the property once it is developed.
I have heard anecdotally that banks aren't giving out buy to let/investment mortgages unless you own your own home but I'm not sure if it's true.
Thanks!
Well Yesterday week, 2nd.December 2016, I spoke with KBC for nearly one hour twice, and each time I was told they'd call me back. I smell a rat and they know I won't let go. Tried to call their local bloke 6 times this week, left message each time, still no contact. So the best thing I'll do is have my solicitors write to them to advise, I'm stopping paying the mortgage on the property.
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