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First Property!

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  • First Property!

    Well basically i'm ready for my first step and the question i have is, if £90,000 is enough to start investing into a property portfolio, if so how many properties can I buy?

  • #2
    Um...1 terraced property? Or 2 toilet cubicles?

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    • #3
      How long is a piece of string?

      No, seriously - on the assumption that you're going to put this £90k toward the purchase of one or more properties as your deposit, and you'll be renting them out with the rent covering the mortgage and other outgoings ... I get the impression the mainstream lenders are expecting at least 10% deposit, and lending for 90% or less of the purchase price. Assuming you can get a buy-to-let mortgage on this basis, that implies your £90k will cover the deposit on approximately

      1 property at £900,000
      2 at £450,000
      3 at £300,000
      4 at £225,000
      etc

      Mind you, I keep getting these e-mails from property investment groups who assure me they've got flats for sale at £30,000 - 40,000 that are surefire rentals, and will provide a '10% yield' or suchlike.... if these turn out to be genuine, you could just buy 2 or 3 of these outright.

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      • #4
        If they were genuine, though, you'd imagine the sales people would have bought up the inventory.

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        • #5
          Googler is correct, if you have nintey thousand pounds of investment and an ok credit history the lenders will love you!!!

          I would suggest you stayed under the stamp duty thresh hold and buy the lower end market properties, as first time buyers cant buy, you will have a whole lot of tenants needing property!!!

          Becky
          Last edited by Becky; 31-07-2008, 11:42 AM. Reason: grammer
          Becky

          www.fruitmortgages.com

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