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Stuck before starting ! Help needed pls


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Hi,

 

I am happy to have discovered thia forum as I can see there are so many people with vast experience and knowledge  and willing to help. And boy do i need both !

 

I am newly separated and beacuse  my ex and i were not married he is keeping the flat and i am getting nothing.

 He bought the flat in SW London just few months before we met. For past 13 years i have invested in it, paid bills and mortgage (fully paid off now). And we even have a child together.  But that all means nothing in UK unless you are married.  I have gotten legal advice and could take him to court but was told legal fees would eat up whatever money i could potentially win.

And it would mean even more stress and anxiety for me and my son. 

 

So at beautiful age of 44 i am starting again. This time as a single mum.

 

My issues  are following 

1) i never owned a property so getting BTL mortgage would be very hard. I saw a broker today and he said it would be impossible  but i am hoping there ia a way.

Even if I could  ger BTL, i would have very little deposit  so the properties i could invest would be in £55-65k range.

I would love to invest in Liverpool , Leeds or Nottingham.

 

But for that money is hard to know where to buy. Listening to podcasts its clear it is crucial in which area and even which  street you buy.

 

I will be going to meet ups as soon as it starts up again as i am sure i would be able to learn a lot. 

 But would be great to get some guidance from you guys.

 

2) i could get £170k mortgage from the bank and could scrape somehow 10%deposit if i was buying to live in it. But can't move up North. 

And in area I am in, and even miles around you cannot buy anything. Unless i was to buy a boat.

 

I really want to give property investing a go and make it work as a long term investment for Capital Growth.

And hopefully have some income from it along the way.

 

But how to buy that first property ?? 

Any ideas would be most welcome. 

 

Many thanks,

Dani 

 

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  • 2 weeks later...

 Dani

sorry to heat your story. I m not qualified to be able to give you financial advice but from where I see you I would be careful to jump  back onto the property market too soon and find yourself very exposed. If you borrow to the max and have no plan B when faced with a large bill it would finish you off and that would be something none of us would want for you. .

If you are only able to buy at the bottom of a housing market you are likely to be buying properties with both visible and invisible issues.  Buying this type of property and in the areas where it is this cheap requires a bit more than Newbie experience would be my view.  I was dealing with the landlord today who is suddenly faced with a £5000 bill for a new heating system as both the boiler and plumbing have become life expired. Unfortunately their circumstances are very difficult and they have a real challenge on their hands to comply with the law and not lose their property.  L

 I have been thinking about your circumstances and how best I would advise you. I think I would recommend that you discipline yourself to save as hard as you can as family and circumstances permit and continue to build your knowledge base which can be relatively cheap to do on sites like this and to be an expert when you eventually jump in.  Go to a Hub meetings where you can learn of others and maybe they may even permit you to observe from close to hand once I get to know you but don’t spend money until you need to and save to get a better size deposit. You must also remember that start-up costs include quite a lot of fees and increasingly landlords will have to go through more and more hoops to be  qualified to be a landlord which is increasingly likely to occur   

I really hope you find a way into this as your heart is clearly there but I also wouldn’t want to hear that you had been burnt by good intentions and lack of capacity. If you go down my route and subsequently change your mind at least you have money to use elsewhere but if you buy in too soon & it goes badly wrong it would be much harder!

Good luck 

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Hi,

Thank you so much for this kind, and thoughtful message. It was really touching to read, and can see you gave it a lot of thought.

It's incredibly uplifting when you come across people who you don't know, but they still care. Thank you !

This forum is an amazing place, the more time I spend on it, the more my faith in people's kindness is restored.

I find your advice to be very valuable as I was worried about jumping in and potentially regretting it down the line. So it is really helpful to get an advice form someone with experience.

Will be moving into my Dad's place with my little one, as a short term solution, which will help get back on my feet a bit. And start saving too.

After a lot of research, I have also decided on Nottingham as an investment location, so will do my best to go to the next meet up. 

 

Thank you again, you have made my day !

 

Hope to chat again in the future,

Dani

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