Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.


No announcement yet.

How many properties for £...

  • Filter
  • Time
  • Show
Clear All
new posts

  • How many properties for £...

    I'm 25 I'm looking to buy my first BTL and I have an existing mortgage of £65000. I want to buy a property valued £85,000 and I have funds of £50,000 for this but want to use this to buy more than one property. I earn £22,000. How many properties can I buy?

  • #2
    Well, a few possibilities here.

    Assuming you buy properties all aourd the same price, you will need a 25% deposit per property, ie £21,250 on £85k purchase price. But you will also need cash for associated fees, eg valuation, solicitors etc

    So I would say a maximum of 2. However, there may be a possibility of raising extra funds through your main home to allow you to buy more.

    Be aware that the rent will need to cover the interest only mortgage payments by x%, X varying between lenders, but at least 125% is preferable.

    Speak to an independent mortgage broker if you want specific advice, as they without looking at your whole situation the above is just a rough guide.
    Independent Mortgage Advisor, expert in residential, buy to let, holiday let, and refinance mortgages