Hi, thanks for reading. this is my first post on the forum.
I am 29 years old. I have recently returned to New Zealand after living in London for 6 years. Soon I will be inheriting $65,000 and have personal savings of $10,000.
I now wish to buy my first home.
About me
I am male, single, no dependents and living with family. Weekly spending is $80-100 pw on food and transport. I do not own a car and have no monthly utilities payments. This allows me to save $200 - $300 pw.
Unfortunately my income is low. I have been employed by New Zealand Post for 3 months and make $30,000 per year. Before this I have worked as a sound and mechanical technician in London earning around £20,000 per year.
Having lived abroad for 6 years, I have no NZ credit history.
My UK credit history is very bad. I left England in the red with a £2,000 unsecured overdraft to a UK bank. Before I left I sent the bank a letter informing them that I was of no fixed abode and dire straits and that could not afford to keep up payments at that time. And that I would contact them once my situation improved.
I have not contacted this bank since. As far as I know they are under the impression I am still living in the UK.
I have a $11,000 student loan
No other debts
The home
I wish to buy my Grandmothers home as an investment property. The home is located in Christchurch. The government valuation is $370,000. A recent appraisal has given the median value of $380,000.
The home has 3 double bedrooms, one single bedroom. Huge back yard. Single garage with storage/workshop space. After a recent rental appraisal the lease on the home would be $510pw.
I plan to convert the garage into a room for myself and lease the 4 rooms out individually. The four rooms combined would generate $600 - $700 pw. This income would go directly towards paying the mortgage.
After 3 - 5 years I hope to have built up enough equity to build 3 small homes on the property, sell them and make a small fortune.
Summery:
Me: 29yr old, single, no dependents
My income: $30,000
My job: NZ post, 3 months
Debts: $4,000 UK bank lender (effectively defaulted)
$11,000 student loan
NZ credit history: nil
UK credit history: Not good
Deposit: $75,000
Price of the home: $380,000
Type of home: Investment, leasing out the rooms to pay the mortgage
Questions I have
In my current situation how much would a bank be willing to lend me?
Can I let out the rooms to offset my lack of personal income?
My UK credit rating is very bad. How will this affect me?
Would it be necessary to pay my UK debt off in full, in part?
Are there any alternatives that could strengthen my chances? guarantor, LMI ect ect?
Thank you.
I am 29 years old. I have recently returned to New Zealand after living in London for 6 years. Soon I will be inheriting $65,000 and have personal savings of $10,000.
I now wish to buy my first home.
About me
I am male, single, no dependents and living with family. Weekly spending is $80-100 pw on food and transport. I do not own a car and have no monthly utilities payments. This allows me to save $200 - $300 pw.
Unfortunately my income is low. I have been employed by New Zealand Post for 3 months and make $30,000 per year. Before this I have worked as a sound and mechanical technician in London earning around £20,000 per year.
Having lived abroad for 6 years, I have no NZ credit history.
My UK credit history is very bad. I left England in the red with a £2,000 unsecured overdraft to a UK bank. Before I left I sent the bank a letter informing them that I was of no fixed abode and dire straits and that could not afford to keep up payments at that time. And that I would contact them once my situation improved.
I have not contacted this bank since. As far as I know they are under the impression I am still living in the UK.
I have a $11,000 student loan
No other debts
The home
I wish to buy my Grandmothers home as an investment property. The home is located in Christchurch. The government valuation is $370,000. A recent appraisal has given the median value of $380,000.
The home has 3 double bedrooms, one single bedroom. Huge back yard. Single garage with storage/workshop space. After a recent rental appraisal the lease on the home would be $510pw.
I plan to convert the garage into a room for myself and lease the 4 rooms out individually. The four rooms combined would generate $600 - $700 pw. This income would go directly towards paying the mortgage.
After 3 - 5 years I hope to have built up enough equity to build 3 small homes on the property, sell them and make a small fortune.
Summery:
Me: 29yr old, single, no dependents
My income: $30,000
My job: NZ post, 3 months
Debts: $4,000 UK bank lender (effectively defaulted)
$11,000 student loan
NZ credit history: nil
UK credit history: Not good
Deposit: $75,000
Price of the home: $380,000
Type of home: Investment, leasing out the rooms to pay the mortgage
Questions I have
In my current situation how much would a bank be willing to lend me?
Can I let out the rooms to offset my lack of personal income?
My UK credit rating is very bad. How will this affect me?
Would it be necessary to pay my UK debt off in full, in part?
Are there any alternatives that could strengthen my chances? guarantor, LMI ect ect?
Thank you.
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