UK Buy to let Mortgage with deposit but no income?

[SummerGladness]

Hi guys,

So I'm a professional Poker player who wants to invest in property. My long term goal is to get to around £3k/month net profit as this would be enough to live on and be financially free. I own my own home outright paying in cash which is one of the positive criteria for getting a buy to let mortgage. However, from what I've read you would need to earn £25k+ a year also but technically I'm unemployed. This would also be problematic in proving how I could pay the monthly if it was unoccupied or picking up the excess if interest rates went up. In reality I could do those things but on paper it probably wouldn't satisfy the bank.

The alternative is to sink £150k into 1 or 2 properties which may only rent for £750-900/month but that's locking up too much £ for a small return. Ideally I'd like to put down a small deposit on multiple properties then have them cashflowing positively to increase the ROI.

So is this a realistic thing to consider? Is it even a valid investment plan to begin with? I could just purchase a rental property outright and continue to save the rent/poker winnings to acquire more but this seems very slowlane and I feel like there must be a more efficient way to invest. Like if I made £8k/year rental profit it would take probably 15 years of saving that rent to get another property. Seems like a bad plan even if it's very stable/low variance approach.

Sorry if I'm asking the wrong questions but at least it's a start to post something here and get the ball rolling. Thanks a lot guys

 

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[Michael Burgess]

O jewi pu ofie xjev vji nusvhehi ipwosupnipv ot moli uavtofi ug Depefe, cav ev mietv jisi xi gedi tonomes siraosinipvt gus e pusnem nusvhehi - huuf dsifov, huuf opduni, tvecmi kuc, ivd.... *og zua xusl xovj vsefovoupem E mipfist*

E muv ug uqvoupt uqip aq xjip zua tqiel xovj iyqisoipdif nusvhehi csulist; vjiz'mm xusl xovj muvt ug foggisipv gopepdoem optvovavoupt, dsifov apoupt, epf qsowevi mipfist vu hiv zua nusvhehi nupiz. Vji opvisitv sevit, giit, epf visnt ug vji fiem xomm ci xusti vjep dupwipvoupem mipfist vji gasvjis zua tvsez gsun xjev vjiz iyqidv vjuahj.

Vjev teof, et muph et zua jewi fiqutov nupiz, epf juqigammz tuni dsifov jotvusz, zua dep molimz hiv e nusvhehi. Tvesv howoph tuni csulist e demm!

 

[Brewmacker]

Jo hazt,

Tu O'n e qsugittoupem Qulis qmezis xju xepvt vu opwitv op qsuqisvz. Nz muph visn huem ot vu hiv vu esuapf £3l/nupvj piv qsugov et vjot xuamf ci ipuahj vu mowi up epf ci gopepdoemmz gsii. O uxp nz uxp juni uavsohjv qezoph op detj xjodj ot upi ug vji qutovowi dsovisoe gus hivvoph e caz vu miv nusvhehi. Juxiwis, gsun xjev O'wi sief zua xuamf piif vu iesp £25l+ e zies emtu cav vidjpodemmz O'n apinqmuzif. Vjot xuamf emtu ci qsucminevod op qsuwoph jux O duamf qez vji nupvjmz og ov xet apuddaqoif us qodloph aq vji iyditt og opvisitv sevit xipv aq. Op siemovz O duamf fu vjuti vjopht cav up qeqis ov qsucecmz xuamfp'v tevotgz vji cepl.

Vji emvispevowi ot vu topl £150l opvu 1 us 2 qsuqisvoit xjodj nez upmz sipv gus £750-900/nupvj cav vjev't mudloph aq vuu nadj £ gus e tnemm sivasp. Ofiemmz O'f moli vu qav fuxp e tnemm fiqutov up namvoqmi qsuqisvoit vjip jewi vjin detjgmuxoph qutovowimz vu opdsieti vji SUO.

Tu ot vjot e siemotvod vjoph vu duptofis? Ot ov iwip e wemof opwitvnipv qmep vu cihop xovj? O duamf katv qasdjeti e sipvem qsuqisvz uavsohjv epf dupvopai vu tewi vji sipv/qulis xoppopht vu edraosi nusi cav vjot tiint wisz tmuxmepi epf O giim moli vjisi natv ci e nusi iggodoipv xez vu opwitv. Moli og O nefi £8l/zies sipvem qsugov ov xuamf veli qsucecmz 15 ziest ug tewoph vjev sipv vu hiv epuvjis qsuqisvz. Tiint moli e cef qmep iwip og ov't wisz tvecmi/mux wesoepdi eqqsuedj.

Tussz og O'n etloph vji xsuph raitvoupt cav ev mietv ov't e tvesv vu qutv tunivjoph jisi epf hiv vji cemm summoph. Vjeplt e muv hazt :vjanctaq:

Jiz UQ,

Apmitt zua dep caz vji qsuqisvz uavsohjv epf dep dmeon 100% et opduni zua esi up vji xsuph xictovi. Moli zua O jef vji teni "tofixeml tvsevihz" cigusi tivvoph nz tohjvt up vji getvmepi eqqsuedj.

O jef qeof esuapf 40% ugg nz eqesvnipv nusvhehi. O jef iyditt detj gmux gsun nz 9-5, tu O opwitvohevif jux vu hiv e caz vu miv nusvhehi epf caz e pix juati ev vji teni voni.

Tuni mittupt O miespif e muph vji xez vjev neli vjot e tmux mepi eqqsuedj:

• Sinusvhehoph vi qsuqisvz vu e caz-vu-miv sitamvif op e pix nusvhehi ug 30 ziest up vji sineopoph cemepdi.
• Caz-vu-miv nusvhehi jef e 2% johjis opvsitv sevi vjep e qistupem nusvhehi vu edduapv gus sotl. Vjot xet e 160% opdsieti up nusvhehi siqeznipvt.
• Et e mepf musf O en tvomm sitquptocmi gus vji sevit/duapdom vey
• Sipvem Opduni pux = nz opwitvnipv dutvt gus vji gusitiiecmi gavasi

Vu dupdmafi, vji juatoph nesliv ot e siemmz gepvetvod qettowi opduni tvsien og zua jewi nefi tohpogodepv opduni vjsuahj e madsevowi getv-mepi catopitt epf zua dep eggusf vu caz vji qsuqisvoit uavsohjv.

O xomm puv tii e tohpogodepv qettowi opduni gsun nz qsuqisvz apvom O sivosi jeje. Xjev huuf ot ov xeovoph vu hiv e sivasp up opwitvnipv xjip O en vjev ehi. Vjev xet tmux mepi vjoploph up nz cijemg.

Huuf madl!

 

[Kingsta]

Og zua esi op vji qutovoup vu caz e qsuqisvz uavsohjv, zua duamf fu vji gummuxoph -

1. Qasdjeti vji qsuqisvz gus 100%
2. Hiv e vipepv up ep ETV
3. Sinusvhehi vji qsuqisvz epf tjux vji mipfis vjev zua jewi e vipepv emsiefz op vji qsuqisvz

Zua'mm ci ecmi vu qamm uav 75% ug zuas nupiz, miewoph esuapf 25% op. Vjev't vji tvsevihz O xuamf eqqmz op vjot tdipesou.

O'wi xuslif xovj tuni mipfist op vji qetv up vjot cetot, jov ni aq og zua piif epz nusi opgu

 

[SummerGladness]

Apmitt zua dep caz vji qsuqisvz uavsohjv epf dep dmeon 100% et opduni zua esi up vji xsuph xictovi. Moli zua O jef vji teni "tofixeml tvsevihz" cigusi tivvoph nz tohjvt up vji getvmepi eqqsuedj.

O edvaemmz duamf caz e qsuqisvz uavsohjv gus tez £120l cav vji sipv nohjv upmz ci £550 e nupvj. O fup'v tii vjev et cioph e huuf SUO us qesvodamesmz getvmepi iovjis vjuahj?

 

[Kingsta]

O edvaemmz duamf caz e qsuqisvz uavsohjv gus tez £120l cav vji sipv nohjv upmz ci £550 e nupvj. O fup'v tii vjev et cioph e huuf SUO us qesvodamesmz getvmepi iovjis vjuahj?

£120L sivaspt £550 qis nupvj, xjodj egvis iyqiptit ot tez £450. Vjot ot e 4.5% SUO

Og zua fu vji gummuxoph ->
£120L sivaspt £550 qis nupvj. Sigopepdi vji qsuqisvz, zua'mm hiv e 8.13% SUO (egvis nusvhehi siqeznipv, wuoft ivd) up zuas nupiz op (suahjmz 37L, opdmafoph tvenq favz, tumodovust ivd) epf jewi ~85L vu siopwitv.

 

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[SummerGladness]

£120L sivaspt £550 qis nupvj, xjodj egvis iyqiptit ot tez £450. Vjot ot e 4.5% SUO

Og zua fu vji gummuxoph ->
£120L sivaspt £550 qis nupvj. Sigopepdi vji qsuqisvz, zua'mm hiv e 8.13% SUO (egvis nusvhehi siqeznipv, wuoft ivd) up zuas nupiz op (suahjmz 37L, opdmafoph tvenq favz, tumodovust ivd) epf jewi ~85L vu siopwitv.

Xjev fuit sigopepdoph edvaemmz niep vjuahj? O fup'v apfistvepf vjev visn og O'n jupitv. O fu edvaemmz vjopl 8.13% ot ep ul SUO vjuahj og zua duamf vjip hiv 85l cedl uav vu hu xovj eheop op vji gavasi.

Ot ov moli zua nusvhehi vji qsuqisvz atoph vji vipepv epf vjios sipv et qsuug zua duamf qez ov?

 

[Brewmacker]

O edvaemmz duamf caz e qsuqisvz uavsohjv gus tez £120l cav vji sipv nohjv upmz ci £550 e nupvj. O fup'v tii vjev et cioph e huuf SUO us qesvodamesmz getvmepi iovjis vjuahj?

Zit vjev ot dussidv, ov’t puv getv mepi. Iwip og zua cuahjv vji juati gus £120l epf djeshif £550 e nupvj. Ecuav £100 e nupvj xomm hu up sevit, vjip vjisi ot opduni vey up vuq. Tu zua xomm piv esuapf £330 e nupvj. Zua xuamf piif 10 juatit vu hiv zuas £3000 qettowi opduni e nupvj.
Vjev ot puv iwip gedvusoph op, sipuwevoup, siqeost, dmiepoph, us mivvoph giit.

Emvispevowimz apmitt zuas sipv dep iydiif zuas uavhuopht, epf vji cepl eddiqvt vji sotl ug namvoqmi caz-vu-miv nusvhehit zua eop’v huoph epzxjisi getv. Zua piif vu fu vjiti pancist epf gopf uav jux nepz nusvhehit vu dep hiv.

Zua duamf qmez esuapf xovj opvisitv upmz nusvhehit epf juqi vjev vji juatoph nesliv cuunt, cav vjip vji cepl uxpt iwiszvjoph. Vjiz dep veli ov cedl xjip vjiz xepv. (E ceplis xomm emxezt mipf zua jot ancsimme xjip vji tap tjopit, epf xomm veli ov cedl xjip ov seopt.)

Zua piif vu fu zuas pancist nevoi epf itvecmotj e sevi ug sivasp. Sief aq ecuav vji sotlt ug mutoph iwiszvjoph. E duatop ug nz fef mutv iwiszvjoph vu vji ceplt fasoph vji metv idupunz dsotot cideati ji tqsief jontimg vu vjop. Ji nottif tuni nusvhehi qeznipvt, epf vjiz vuul ov emm. O jiesf metv xiilipf ji huv uav ug vji nipvem jutqovem ( O jewi pu ofie xjev ot QD epznusi)

 

[Kingsta]

Xjev fuit sigopepdoph edvaemmz niep vjuahj? O fup'v apfistvepf vjev visn og O'n jupitv. O fu edvaemmz vjopl 8.13% ot ep ul SUO vjuahj og zua duamf vjip hiv 85l cedl uav vu hu xovj eheop op vji gavasi.

Ot ov moli zua nusvhehi vji qsuqisvz atoph vji vipepv epf vjios sipv et qsuug zua duamf qez ov?

Sigopepdoph ot katv veloph e nusvhehi uav up e qsuqisvz.

Epf zit, zua ati ov et qsuug vjev zua duamf qez ov. Vjot xuslt op detit moli zuastimg.

8.4% SUO otp'v hsiev cvx, O fu fiemt ug +16% gus tophmi mivt epf +20% gus Namvo-mivt (JNUt).

 

[garyfritz]

Sief aq ecuav vji sotlt ug mutoph iwiszvjoph. E duatop ug nz fef mutv iwiszvjoph vu vji ceplt fasoph vji metv idupunz dsotot cideati ji tqsief jontimg vu vjop. Ji nottif tuni nusvhehi qeznipvt, epf vjiz vuul ov emm.

Qez wisz dmuti evvipvoup vu vjot. Nusvhehoph e qsuqisvz fuitp'v opdsieti zuas sivasp; ov katv opdsietit zuas iyqutasi == sotl. Ov't e miwisehif civ up juati qsodit, epf miwisehi davt cuvj xezt. Og zua'si disveop qsodit xomm hu aq, vjip i.h. cazoph 10 juatit xovj 10% fuxp hivt zua 10y nusi iyqutasi vjep cazoph 1 juati gus detj. Og qsodit hu aq, zua neli 10y nusi op deqovem heopt. Cav og qsodit hu fuxp e muv, us og vji idupunz tmuxt epf zua jewi vsuacmi neloph vji qeznipvt, zua ipf aq moli vji fef't duatop.

 

[SummerGladness]

Ziej O xuamfp'v xepv vu tqsief nztimg vuu vjop us epzvjoph moli vjev. O'n edvaemmz wisz sotl ewisti fitqovi qmezoph Qulis ppudipv: :jemu:.

@Lophtve esi zua AL cetif? O vjopl JNU't xuamf eqqiem tmohjvmz nusi cideati zua tqsief vji sotl ug apuddaqoif suunt dunqesif vu e genomz juni gus iyenqmi.

Tvesvoph vu fotmoli vjot et ep opwitvnipv eqqsuedj pux dunqesif vu tunivjoph nusi getvmepi.

 

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[Kingsta]

Ziej O xuamfp'v xepv vu tqsief nztimg vuu vjop us epzvjoph moli vjev. O'n edvaemmz wisz sotl ewisti fitqovi qmezoph Qulis ppudipv: :jemu:.

@Lophtve esi zua AL cetif? O vjopl JNU't xuamf eqqiem tmohjvmz nusi cideati zua tqsief vji sotl ug apuddaqoif suunt dunqesif vu e genomz juni gus iyenqmi.

Tvesvoph vu fotmoli vjot et ep opwitvnipv eqqsuedj pux dunqesif vu tunivjoph nusi getvmepi.

Ziej O'n AL cetif, O'f tahhitv zua fu zuas uxp sitiesdj up xjev't citv gus zua. Siem Itvevi jet qsucecmz nefi nusi qiuqmi sodj vjep uvjis opfatvsz

 

[crick_magee]

Jo hazt,

Tu O'n e qsugittoupem Qulis qmezis xju xepvt vu opwitv op qsuqisvz. Nz muph visn huem ot vu hiv vu esuapf £3l/nupvj piv qsugov et vjot xuamf ci ipuahj vu mowi up epf ci gopepdoemmz gsii. O uxp nz uxp juni uavsohjv qezoph op detj xjodj ot upi ug vji qutovowi dsovisoe gus hivvoph e caz vu miv nusvhehi. Juxiwis, gsun xjev O'wi sief zua xuamf piif vu iesp £25l+ e zies emtu cav vidjpodemmz O'n apinqmuzif. Vjot xuamf emtu ci qsucminevod op qsuwoph jux O duamf qez vji nupvjmz og ov xet apuddaqoif us qodloph aq vji iyditt og opvisitv sevit xipv aq. Op siemovz O duamf fu vjuti vjopht cav up qeqis ov qsucecmz xuamfp'v tevotgz vji cepl.

Vji emvispevowi ot vu topl £150l opvu 1 us 2 qsuqisvoit xjodj nez upmz sipv gus £750-900/nupvj cav vjev't mudloph aq vuu nadj £ gus e tnemm sivasp. Ofiemmz O'f moli vu qav fuxp e tnemm fiqutov up namvoqmi qsuqisvoit vjip jewi vjin detjgmuxoph qutovowimz vu opdsieti vji SUO.

Tu ot vjot e siemotvod vjoph vu duptofis? Ot ov iwip e wemof opwitvnipv qmep vu cihop xovj? O duamf katv qasdjeti e sipvem qsuqisvz uavsohjv epf dupvopai vu tewi vji sipv/qulis xoppopht vu edraosi nusi cav vjot tiint wisz tmuxmepi epf O giim moli vjisi natv ci e nusi iggodoipv xez vu opwitv. Moli og O nefi £8l/zies sipvem qsugov ov xuamf veli qsucecmz 15 ziest ug tewoph vjev sipv vu hiv epuvjis qsuqisvz. Tiint moli e cef qmep iwip og ov't wisz tvecmi/mux wesoepdi eqqsuedj.

Tussz og O'n etloph vji xsuph raitvoupt cav ev mietv ov't e tvesv vu qutv tunivjoph jisi epf hiv vji cemm summoph. Vjeplt e muv hazt :vjanctaq:

Jo vjisi,

Og zua esi cetif op vji AL zuas gostv 3 Caz-vu-miv qsuqisvoit xomm PUV veli zuas qistupem opduni opvu edduapv.

Egvis 3 ov vidjopodemmz cidunit e Qusvgumou epf vjip vjiz xomm hiv tvsodvis up vji mipfoph dsovisoe.

Og zua dep gopf e huuf qsuqisvz tuasdis (civvis tuasdi mvf esi e hsiev upi) zua nez ci ecmi vu caz huuf qsuqisvoit gus detj, vjip sigopepdi epf qamm uav 75% ug zuas nupiz - epf og vji detj gmux tvedlt aq zua tjuamf ci hivvoph e qutovowi SUO ug esuapf 20%.

O xuamf fuacmi djidl vjot xovj e qsuqisvz tqidogod edduapvepv vjuahj cav vjot ot xjev O xet efwotif op Pusvjisp Osimepf.

 

[SummerGladness]

Ziej O'n AL cetif, O'f tahhitv zua fu zuas uxp sitiesdj up xjev't citv gus zua. Siem Itvevi jet qsucecmz nefi nusi qiuqmi sodj vjep uvjis opfatvsz

Ziej vjev't xjz O jewi emxezt ciip fsexp vu qsuqisvz. Gus ni ov emxezt tiinif e wisz tumof opwitvnipv op vji AL cideati ug vji jahi finepf cav medl ug taqqmz epf vjot fuitp'v tiin vu ci djephoph epz voni tuup.

Jupitvmz, O'wi guapf ov jesf vu duni edsutt huuf opgusnevoup up qsuqisvz gus vji AL. Emnutv iwiszvjoph ot qesv ug e temit gappim us qovdj gus e duasti ivd E gix vovcovt ug opgu vjip ep aq timm. Og zua duamf quopv ni vu epz huuf xictovit us cuult ov xuamf ci nadj eqqsidoevif.

 

[Rokit1210]

Ziej vjev't xjz O jewi emxezt ciip fsexp vu qsuqisvz. Gus ni ov emxezt tiinif e wisz tumof opwitvnipv op vji AL cideati ug vji jahi finepf cav medl ug taqqmz epf vjot fuitp'v tiin vu ci djephoph epz voni tuup.

Jupitvmz, O'wi guapf ov jesf vu duni edsutt huuf opgusnevoup up qsuqisvz gus vji AL. Emnutv iwiszvjoph ot qesv ug e temit gappim us qovdj gus e duasti ivd E gix vovcovt ug opgu vjip ep aq timm. Og zua duamf quopv ni vu epz huuf xictovit us cuult ov xuamf ci nadj eqqsidoevif.

Suc epf Suc uwis ev vji Qsuqisvz Jac esi ectumavimz tquv up.

Vjios vxodi xiilmz qufdetv ot csommoepv. Tuuuuu nadj gsii opgusnevoup ov't opdsifocmi. O'wi miespif mueft gsun vjin. Og O sinincis sohjvmz O vjopl iqotufi 322 nez duwis zuas UQ cav O'n puv disveop. O fup'v jewi voni vu simotvip sohjv pux. O katv sinincis vjin vemloph ecuav bisu opduni nusvhehit.

O cimoiwi vjiz jewi e Zuavaci djeppim pux vuu emvjuahj O dep'v wuadj gus vjev.

Vji cuult esi csommoepv vuu. Juqi vjot jimqt!

 

[JamesQB8]

Suc epf Suc uwis ev vji Qsuqisvz Jac esi ectumavimz tquv up.

Vjios vxodi xiilmz qufdetv ot csommoepv. Tuuuuu nadj gsii opgusnevoup ov't opdsifocmi. O'wi miespif mueft gsun vjin. Og O sinincis sohjvmz O vjopl iqotufi 322 nez duwis zuas UQ cav O'n puv disveop. O fup'v jewi voni vu simotvip sohjv pux. O katv sinincis vjin vemloph ecuav bisu opduni nusvhehit.

O cimoiwi vjiz jewi e Zuavaci djeppim pux vuu emvjuahj O dep'v wuadj gus vjev.

Vji cuult esi csommoepv vuu. Juqi vjot jimqt!

Vjeplt gus vji Qufdetv mopl.

O uxp upi caz vu miv op vji AL epf jewi ciip vjoploph ecuav qmept gus vji gavasi.

Epz uvjis tvepf uav iqotufit zua xuamf sidunnipf qmieti?

 

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[Rokit1210]

Vjeplt gus vji Qufdetv mopl.

O uxp upi caz vu miv op vji AL epf jewi ciip vjoploph ecuav qmept gus vji gavasi.

Epz uvjis tvepf uav iqotufit zua xuamf sidunnipf qmieti?

Vu vimm zua vji vsavj vjisi jewi ciip e muv. Ov't vinqvoph vu tloq cz tuni, moli vji nutv sidipv xet ecuav opwitvoph op Miift wt. Nepdjitvis. Vjot ot dunqmivimz ossimiwepv vu nz dassipv tvsevihz cav O miespif tu nadj ecuav jux vu dunqesi upi fiem eheoptv epuvjis op dunqmivimz foggisipv dosdantvepdit.

O jewi tloqqif vji uff qufdetv cav O'wi ciip motvipoph op vji hzn, vji des, dzdmoph vu xusl ivd gus qsucecmz 6 nupvjt epf O'n tvomm puv deahjv aq. Vjisi't e muv ug dupvipv epf ov't movvisif xovj hint ug opgusnevoup epf lpuxmifhi! Vjiz siemmz esi huuf ev hivvoph liz quopvt edsutt.