i was thinking of becoming a property developer i am only 19 i just wanted to get 1 house for now and rent. Is it possible and can i get any funding i am in part time work as a builder thanks lewis
Anyone giving you funding will expect you to put up a proportion of what you need. The minimum you need for a buy to let/buy to sell mortgage is 25% deposit and more often, now, 35%. The other thing that they take into account when considering your application is the return you expect to get. If the rent you can realise from the property is not a certain level over the amount of your mortgage repayments, they won’t give you a loan.
Having skills as a builder may help keep down your renovation costs – make sure you budget for them – but your biggest hurdle will be getting the funding.
Originally posted 2012-10-29 17:49:50.