New to this.

[PhilStevens]

Hi,

I really want to get into property development at some point in my career but I was thinking to start off i would like to get a buy to let property (and maybe more in the future).

I'm 22 and still live at home with parents my plan was to save up a good sized deposit and put a lot of money down on my personal home in 3 years time (hopefully around £40k)

But as i say this is 3 years down the line.
Would a mortgage company hold it against me? being self employed and having another buy to let property when it comes to purchasing a personal home for me and my girlfriend?

A typical property i would be looking for to B2L would be around £60,000 and attempting to let it for around £400 pcm.

Do you think i would encounter problems or would they see it as a plus that I have a buy to let.

We are currently in the process of another start up company too. If all goes well with that 3 years down the line i will have no worries, but if it fails i would like to know if i would be in a mess when it comes to buying my own place.

Thanks for any advice in advance.

[QuestForFreedom]

They shouldn't have any problems with you having a BTL property when you come to buy your main home. The problem you may have is getting a BTL mortgage being self employed as you will need to provide 3 years of accounts. Also make sure you keep your credit score squeaky clean and unsecured debt down to an absolute minimum. A big deposit will help.

[PhilStevens]

They shouldn't have any problems with you having a BTL property when you come to buy your main home. The problem you may have is getting a BTL mortgage being self employed as you will need to provide 3 years of accounts. Also make sure you keep your credit score squeaky clean and unsecured debt down to an absolute minimum. A big deposit will help.

Cheers. I don't thinking i currently have a credit history this may be a problem I've never had the need to borrow any money because I'm sensible with my savings etc. Maybe i should get a credit car to put my fuel on each month and pay it off direct debit.

Do you know how long it takes to build up a decent credit rating?

Thinking of changing my car too, maybe I should finance it rather than paying it out right?

[theartfullodger]

And if you don't have one already get a mobile 'phone monthly contract.

[QuestForFreedom]

Yes you need to have had credit to get a decent credit rating. Unless a lender can see that you can manage repayments they will be less likely to lend especially at your age. Talk with the bank you have your current account with to see what they say. Good luck