ASK247: Can I use my bounce-back loan as a deposit? PLUS: Is this Liverpool property too cheap?

This week on Ask Rob & Rob we’ve got two great questions around location and using the bounceback loan scheme to fund your deposit. Is it a good idea?

It seems a number of people are turning their head towards Liverpool for investing in property right now, and this week we’ve got another question regarding properties in the area.

So let’s get to it.

The first question is from Mohammad. He’s recently acquired £50,000 from the bounceback loan scheme through his limited company and he’s now wanting to know if he can use this money as a deposit for a buy-to-let property? 

There’s been a bit of confusion and uncertainty around this topic as it’s not really been clear as to whether you can use the bounceback loan as a deposit. 

So, do The Robs think it’s alright to use the loan as a deposit or do they think Mohammad should reconsider?

Our second caller of the week is Harry from Bristol. He’s asking if £70,000 is too cheap to purchase a decent property in Liverpool? 

If Rob & Rob think it’s too low, Harry wants to know what they think would be the minimum they’d pay for a property in this location.

Naturally, there was only one Rob to take on this question, so it’s over to Rob B to answer this one.

Does Rob B think that Harry should be looking at paying more than £70,000 to get himself a good investment property? 

Tune in to find out.

 

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