First Time Buy to Let for 18yr old
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
Thanks Nikki
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Member Since January 2015 - Comments: 3
10:03 AM, 19th January 2015, About 11 years ago
Reply to the comment left by “John Constant” at “17/01/2015 – 14:42“:
Hi John, thanks for your reply. In fact daughter has not yet started Uni. She has applied to several Conservatoire drama schools and has begun the daunting auditions process. She is talented and has set her sights high but if she doesn’t get in this year (4000 applicants for 50 places) which is the norm, she will attend further performing arts courses or foundation and may travel abroad to do this, so although I think the student BTL scheme is an option, we may have to wait to see where she will be later in the year. I am still looking into BTL mortgages and waiting to speak to a local mortgage advisor to see what’s best. Thanks again.
Member Since February 2017 - Comments: 1
11:16 AM, 23rd February 2017, About 9 years ago
Hi there – I just googled this question and found the thread really helpful. Does the Uni mortgage still apply? My 18 yr old goddaughter will be 18 next year and inheriting a similar amount, she needs information on her investment options to ensure it sets her up for a great start in life. I am just looking at options at the moment