Been listening to Rob & Rob on the podcast for a while but haven't spent much time on here until now - so much helpful content!
Anyway, I'm seeking some advice as I'm not a homeowner but desperately wish to invest in property. My salary is above £25K and I'll soon have enough deposit to invest in the North East, but the main obstacle I foresee is convincing a lender to help me out given that I'm currently renting.
A little about my situation: living and working in London but originally from Yorkshire. I really don't fancy putting 5% down and getting a 200 year residential mortgage here in London (despite the almost inevitable capital growth) so I plan to begin my property investment journey with buy-to-lets in high-yielding areas in Yorkshire. Am I deluded or can I realistically put 25% down on a £80K property (yes, won't be the nicest area to begin with but will look out for fundamentals) and expect a lender to help me out when I don't own a property? From my research it appears as though this is possible but not easy. I understand that Natwest lend to people like me? When I met with a Natwest mortgage adviser I was told that if I added my name to my parents' mortgage this would fulfill this criteria...? I clearly wouldn't be living in the property as I live/work 200 miles away but I'm assuming lenders wouldn't just take my word for it.
Sorry for the very incoherent jumble of questions but I can't seem to get a straight answer on this so would massively appreciate any of your thoughts. I'd go to a mortgage broker but feel that as I don't have the deposit yet I'd be escorted outside!
Thanks very much,
P.S. Is mortgageable a word?