Singing Pig

Last time I checked, you have to be 25+ to get a BTL mortgage in the UK. I'll turn 18 later this year; still in full time education but eager to buy property ASAP.

Can anyone enlighten me (mention some ways around ageist banks!)? And are there any other  policies/restrictions that I should be aware of?

Has anyone here managed to buy and rent properties while under 20 yrs? Please let me know as I'd find it inspiring :)

 Oh, and while I'm at it, I'm looking for a mentor and willing to work in exchange for experience (based in N.LDN).

 

Tarasita
 

You can get a BTL mortgage below the age of 24 quite easily! I have a friend who's 22 and already owns 100 properties, admittedly his dad gave him 40 of them to use as collateral. But I also have another friend who has had no financial backing, much the same as myself, and has amassed a portfolio of 10 and he's only 23. He started buying on his eighteenth birthday and hasn't looked back!  

Personally I am taking a slower route to building a portfolio, I started buying aged 22, getting my mortgages from the Bradford and Bingley and bought two properties in my first year. Now aged 23 I am ready to buy another couple more. I am not trying to own loads too quickly, they take a lot of time to manage correctly and I don't want to buy hastily and end up with lemons.

 Just remember for most traditional BTL mortgages you will need at least ten percent deposit, some require fifteen!

Hey Tarasita

Im currently 19, i bought my first property last year, as a renovation project, its now on the Market with aprox 30k equity, the reason for my first property being a full renovation was to raise capital for my BTL's, im hoping to aquire at least 3 new properties once this one is sold using the profit as deposits, (plus some savings), anyway, i will still be 19 at this point, and i have seen no problems getting mortgage approvals regarding these, (from various brokers),

 

Not to babble on, i think there is no such thing as too young, as long as you are realistic and sensible,

 

good luck too you

 

Ryan Fletcher,

 

PS. Id be happy to answer any questions for you just drop me an email , (ryanfletcher@hotmail.com)

I think if you are going to start out at any age there are still things to bear in mind like make sure you have a decent contingency. i work on 3 months voids. So I always have enough money to cover three months of mortgage payments on all properties just in case you can't get a tenant or the tenants you do have don't pay.

I'm personally against buying new builds because in my area there are so many one and two bed flats being built and then being left vacant.

Some sound advice there,

Make sure you have funds/savings. There is a lot of talk on here about No Money Down Deals and BMV but unless your first deal is going to give you a nice cashback, it is easy to come unstuck.

You may struggle to get tenants straight away, there are the PIR Electrical Check, Gas Check etc to do. If tenants move and dont pay it will still take time to move them on. As Sara suggests, having funds to cover yourself for 3 months is a good start.

Hi everyone, and thanks for the advice! Sorry I took so long to reply, I must have forgotten to click the email subscription button

 

Tarasita 

Hi Tarasita, You can certainly purchase buy to lets being under 25 years old. Let me know if you need any suggestions or guidance of where and when to buy. Regards, Iain Stewart Whole World of Property 0207 788 7994 07910 891 917

Good luck i wanted my BTL at the age of 18 but it fell through so i had to wait until i was 19... i now own and co own 7 other properties at 23 and dont want to have properties just the sake of it but to have a good income and live the lifestyle i desire so be wise in which type of stratergy you require.

Be realistic and it you dont feel good about a property walk away theres always deals to juice.