I only have £10K - can I get involved in property?

Hi I have around £10,000 cash funds to invest and would like to get into property investing, however a complete novice. I do not own my own property, and at the moment I am self - employed running a small online business which is making less than £5000 a year at the moment. With my current situation would I stand any chance of getting into property investment buy-to-let etc.

Cheryl,

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Dear Cheryl,

Thank you for your enquiry.

As you are no doubt aware, criteria for lending is getting stricter and stricter by the day and parameters are constantly changing. While Buy To Let mortgages are largely based on the borrowing the rent will support, you individual circumstances will come into play and you will need to have a squeaky clean credit rating.

The best person to advise you if you will be able to get involved in property investing, with your personal situation, is a mortgage broker. It would be prudent to speak to a mortgage broker first, before taking things any further so that you do not waste your time or incur valuation fees, etc, only to find out you cannot get the finance. Please let us know if you would like contact details of the broker we use.

Thank you for getting in touch and please do not hesitate to contact us if we can be of further assistance.

Kind regards,
N.

Nick , November 22, 2008