Question:
I am starting a new job in October as a graduate on £25,000 in the city. I have around £30,000 pounds available and I would like to invest in property. My father is keen to get me onto the property ladder and would roughly match my investment. Ideally I would like to move into a two-bed flat in central/west London and use the rent from the spare room to pay the mortgage. How can I finance this? The NewBuy scheme would not allow me to share the ownership with my father and as my salary is that of a graduate I can only borrow around £110,000 max. Is there any route I can take to finance a decent, two-bed, property investment?
Answer:
Even with your father’s help you are not going to be able to afford a decent two-bed property investment in central/west London. NewBuy is not a solution either as it is designed for those with small deposits while your problem is insufficient income.
The other option is .....
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