How hard will it be for a jobless 23 year old to get a mortgage... (I have £££ to buy though)
I am 23 years old and looking to buy my first house, having recently been a student I am very keen on looking into the possibility of buying a 6 bed investment property in a popular student area in Nottingham outright -CASH! and using the returns to cover the cost of a mortgage on my own place.
I have approx £160,000 in savings in a 1 year fixed bond which is due to expire in March, I am looking to find the answer as to what to do with it when this bond expires.
I am currently doing some traveling as far away from the meltdown in england as possible an waiting for a good time to return. My gut feeling is that a good time to buy or at least put in a few below market value offers will be autumn 2009. It seems to me that the yields from the investment property would more than cover the cost of "my own" mortgage even if interest rates rose significantly - even on a repayment mortgage.
Any advice on this would be much appreciated.