11:58 AM, 16th January 2015, About 7 years ago 12
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
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleLandlords Emergency cover – discounts available
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|