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Thinking of buying to let - few questions

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  • Thinking of buying to let - few questions

    Hi all! It's my first post here

    For a while I've been thinking of buying a flat to let, but I need some help. I'm a first year university student at the moment, from my gap year I saved up £5000 ish, and this summer I have a temp full time job so I'm hoping to make another £2k by the end of the summer. Basically, with this and my weekend job I'm hoping by January to have at least £10k saved.

    So my question is, is this enough to put down a mortgage for a £90k-£100k flat? If I were to then let it, and make the tenants pay their own bills etc. and the rent they pay will go towards the mortgage. Is this how it's normally done? Sorry, I know I sound completely inexperienced but I'd really appreciate some advice. Am I on the right tracks or have I completely got the wrong end of the stick here?

    Thanks in advance!
    'The one thing that doesn't abide by majority rule is a person's conscience.' Atticus - To Kill A Mockingbird

  • #2
    Re: Thinking of buying to let - few questions

    hi. ive just started out in property and im half way through refurbing a house..Ive been researching a lot lately im not an expert by a long shot.

    But i believe you will need more money than that..20-30% for deposit..and from what ive read it may not be that easy to get the morgage cuz you cant guarentee the income...im looking for advice in my situation so we are on here for the same reasons.
    Ive seen sites on the internet that say they can manage the whole thing for you if uv got 10 grand..but i dont know if these site are real youl have to wait for better advice..
    good luck ok


    • #3
      Re: Thinking of buying to let - few questions

      I don't think you will get a buy-to-let mortgage.

      First I believe you need at least 20% deposit.

      Secondly, as a student you don't have an income. Even if you reckon you could cover the monthly payments on the rent, how will you keep up the payments if the property is not let, or if you don't get the rent you hoped for, or if there is some maintenance work to be done, etc, etc. I don't want to be a kill joy, but that is what the lender will ask.

      Having said that, I obviously don't know your exact financial situation. So go in and speak to a broker. It doesn't cost anything to talk after all.


      • #4
        Re: Thinking of buying to let - few questions

        Ok - its tough now getting a mortgage for Landlords . the lenders want a much higher proportion of the mortgage and will sometimes push for repayment mortgages where interest only used to be the norm.

        Now property prices aren't booming lenders are looking for more security.

        If your parent other adults with a steady income, more assets, or a proven record in property management , could stand security for you this might work.

        But as it is I don't fancy you chances in the present climate!



        • #5
          Re: Thinking of buying to let - few questions

          also at least %20 but you will me amazed on what ome lenders will do! they are all not negative!