You could get a buy to let mortgage on a two year deal

Putting down a 25 per cent deposit. Get a "doer upper" if you fancy a little bit of decorating and design, in two years you will get a better mortgage deal from a variety of lenders, the property should be worth more as well. When you remortgage, take the increased equity out and use it to fund another property. With your capital you should get three properties, look for property priced at about ?125 - ?145k, that way the rent will easily cover the repayments and give you a couple of hundred quid income a month. Ideally look for a minimum of 6 per cent on your outlay.

Posted By: Pink un exile on December 10th 2014 at 20:42:05

Message Thread

Anyone know about buying property to rent? (NCFC) - Larry Hagman, Dec 10, 19:22:14
- You could get a buy to let mortgage on a two year deal (NCFC) - Pink un exile, Dec 10, 20:42:05
- buy one property without a mortgage and then use the rent to pay off a mortgage on a secon (NCFC) - Chris Peacock, Dec 10, 19:37:27
  - As hulk says I would borrow money on a buy to let and get three. I have had a few over the (NCFC) - Men without hats, Dec 10, 20:57:29
    - Have one a stones throw from lakenhealth as well. Stupid money! (n/m) (NCFC) - Hulk Rules, Dec 10, 21:05:31
      - I was getting more money in 02 off gi's than I was in 08 off locals. Trouble is my propert (NCFC) - Men without hats, Dec 10, 21:17:26
  - That's bullshit to be fair..... (NCFC) - Hulk Rules, Dec 10, 19:50:07
    - correct (NCFC) - Chris Peacock, Dec 10, 20:56:00
    - 8% seems a bit high (n/m) (NCFC) - Huge Small, Dec 10, 20:20:36
    - Yup this ^^ except the giving 8% to a mgt agent (NCFC) - Tony Martin, Dec 10, 20:15:58
      - Depends if you want easy life. Have some close that are self managed but one a long way (NCFC) - Hulk Rules, Dec 10, 20:30:51
        
        Yeah, never had any problems with rent through an agent either (NCFC) - Huge Small, Dec 10, 20:50:39
        
        Absolutely agree. Always try to get new or newish for that reason (n/m) (NCFC) - Hulk Rules, Dec 10, 20:51:47
        
        what do the sums work out as for (NCFC) - Larry Hagman, Dec 10, 20:37:46
        
        Mortgage ?266 per month currently assuming 4% interest only (n/m) (NCFC) - Hulk Rules, Dec 10, 20:41:38
        
        Tax depends on your other income (n/m) (NCFC) - Hulk Rules, Dec 10, 20:42:22
        
        So the figures look like this? (NCFC) - Larry Hagman, Dec 10, 21:09:33
        
        If it's a flat, ground rent and service charge come into the equation. (NCFC) - Pink un exile, Dec 10, 21:11:07
        
        Dunt the person who is renting pay the service charges? (n/m) (NCFC) - Larry Hagman, Dec 10, 21:24:24
        
        No, not usually. It will fall to you to pay that. (n/m) (NCFC) - Pink un exile, Dec 10, 21:36:05
        
        thanks, great help. Who to go to for the mortg? (n/m) (NCFC) - Larry Hagman, Dec 10, 21:40:49
        
        If you pass me your email I will contact you direct. Have broker who is fantastic and best (NCFC) - Hulk Rules, Dec 10, 22:33:45
        
        I have four mortgages. (NCFC) - Pink un exile, Dec 10, 21:57:40
        
        No worries. Good luck with it! (n/m) (NCFC) - Pink un exile, Dec 10, 22:02:12
        
        Thanks! (n/m) (NCFC) - Larry Hagman, Dec 10, 21:58:51
        
        I use a broker. As I didn't have an income at the time. (NCFC) - Pink un exile, Dec 10, 21:49:53
        
        I use a company near the airport called NM finance, max mace. (NCFC) - Pink un exile, Dec 10, 22:00:44
        
        Would also like to get a name from Hulk Rules too, so please let me know (n/m) (NCFC) - Larry Hagman, Dec 10, 21:57:56
        
        insurances, routine maintenance, annual gas/electric safety certification (NCFC) - Tombs, Dec 10, 21:21:06
        
        I love chipping away at Garry's bottom line (n/m) (NCFC) - Jumbo1, Dec 10, 21:22:12
        
        plenty of interest in that caper (n/m) (NCFC) - Tombs, Dec 10, 21:22:55
        
        would you be interested or curious? (n/m) (NCFC) - Jumbo1, Dec 10, 21:23:44
        
        slightly miffed (n/m) (NCFC) - Tombs, Dec 10, 21:24:49
        
        lol (n/m) (NCFC) - Jumbo1, Dec 10, 22:15:49
        
        Mortgage ?266 per month currently assuming 4% interest only (n/m) (NCFC) - Hulk Rules, Dec 10, 20:41:14
    - sound advice this (n/m) (NCFC) - CauldRon, Dec 10, 19:58:43
- Get a 2 bed flat (NCFC) - Surrey Yella, Dec 10, 19:35:19
  - You could get a two bed flat near the UEA/Hospital for that.. (NCFC) - Huge Small, Dec 10, 20:18:24
    - or cumbria (n/m) (NCFC) - Tombs, Dec 10, 21:26:18
  - Nope (NCFC) - Tony Martin, Dec 10, 20:14:52
    - Larralds proper minted (NCFC) - Surrey Yella, Dec 10, 20:49:32

Reply to Message

In order to add a post to the WotB Message Board you must be a registered WotB user.

If you are not yet registered then please visit the registration page. You should ensure that their browser is setup to accept cookies.