Hi - There are no options for you to purchase a property to rent out on a 100% basis - but there are a couple of alternatives to explore.
Firstly, if you have some equity in your own residential property, you could release some capital either with your existing Lender - or by remortgaging to an alternative Lender and increasing your mortgage. The latter option would probably give you a wider choice of mortgage products. If you release enough for at least 25% deposit, you will then be able to shop around for a buy to let mortgage. However, it is worth taking advice as not all Lenders are comfortable agreeing Buy to Let mortgages where the prospective tenant is a relative. You will need to arrange an assured shorthold tenancy agreement and the market rent would need to cover the mortgage payments at a level specified by the Lender. This is usually about 125% of the interest only mortgage payment at a specified interest rate.
If your daughter is earning a salary, a second option could be for you to buy a property jointly. For example the 1st Start mortgage with the Bank of Ireland is designed for just this scenario. With 1st Start you would enter into a joint mortgage with your daughter taking both incomes into account to help you borrow more – up to 100% of the value of your chosen property (for loans between 95% and 100% of the property value, the parent must have held a mortgage for 3 years or own an unencumbered property).
I hope that gives you some food for thought. What would children do without us parents to help them out!
Louise