First Time Buy to Let for 18yr oldMake Text Bigger
I am new so apologies if I make all sorts of mistakes and ask seemingly daft questions. My daughter is 18 and has just inherited a small amount of money which she wishes to invest into a rental property.
Her Dad (my ex) was a property developer who was quite successful, he started with nothing and had built a portfolio of about 14 rentals by the time he died suddenly in 2002 at the age of 43 intestate. This was terrible as you can guess.
The ensuing 5 yr fight and legal fees meant that his wish for his many children to receive enough money to be able to buy their own £100k house each never happened. However, daughter does have enough for a decent deposit. Ever since daughter was old enough to read and understand the title Property Developer on her Birth Cert. she has wanted to follow in his footsteps so you can understand how important it is to her.
I have the experience of managing rental properties and the time, I am now a housewife of 57. I am a joint homeowner with my husband who is 65 still working and hates taking risks. Our mortgage is nearly finished. I have previously (20yrs ago) been a landlord myself and a mortgage payer although I would have to apply for records of payments etc., I presume this would be possible but would it be helpful? I appreciate mortgage criteria has changed.
My question is: Will it be possible for my daughter to obtain a Buy to Let mortgage?, if so could I , should I be on the mortgage?
Any pointers would be great
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