Long story, but I've found myself out of work at 52 and after some time trying, looking unlike to get back into work that I would enjoy and thinking that this could be an opportunity for a change...
Thinking either property development to do up and sell onwards or maybe a couple of properties a year or do up and let out.
I don't understand mortages especially in relation to BTL - I've only ever had standard repayment mortgages which I've paid off.
Over the years, I've owned/lived in 5 flats/houses and always made a profit when selling. But a lot of that is probably just the rising market and obviously it's different when you're gambling everything on it...
I own a house outright which is worth about £250k ish and have about £70k in available savings and maybe another £50k I could borrow off my mum - interest free.
I wouldn't want to sell my existing house but I have no income at all and I'm living very frugally out of my savings.
I live near Canterbury. I think I could get a small terrace for about £200k ish or a flat for maybe £150k.
I could do them up to sell on or maybe let out.
I don't really know/understand how I would make progress after doing the first property... if I spent £150k on a flat and let it out for say £700 per month... how do I use that asset to get another flat?
I know people do this with re-mortgaging and stuff but it seems so complex.
Obviously I need to Google a lot and do more research but I'd appreciate any thoughts from others - is this just a mad dream or is it possible?
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Can I get a mortgage with savings but no job?
9 replies
futuristic1 · 29/03/2017 16:41
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