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Corsa Sport » Message Board » Off Day » House Day » Help and advice needed » Post Reply
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Dan |
posted on 3rd Jun 07 at 00:06 |
id just get a normal mortgage and then rent it out lol | |
AK |
posted on 2nd Jun 07 at 21:38 |
think its min 15% but that'll all depend on the lender n shit | |
rustyarchs |
posted on 1st Jun 07 at 21:31 |
do you not need a 25% deposit min for all BTL mortgages?? | |
AK |
posted on 1st Jun 07 at 18:21 |
i think you really need around a 20% deposit to make a rental worthwhile. I think 15% deposit for a BTL | |
Dan |
posted on 1st Jun 07 at 16:40 |
well we could manage, but would b a struggle, just think y not let sum1 else pay my future while we sit tidy for a few eyars | |
Colin |
posted on 1st Jun 07 at 16:15 |
Cant you & your burd manage with her working part time????? Or do you not want to move in with her yet??? | |
Dan |
posted on 1st Jun 07 at 16:08 |
theres one down the road from my mums 1 that she rents out for 87k, she is getting about 450 a week as far as i remember... i dont mind if i even have to make the money up to pay the monthly bill, they will still be buying my 2nd step on the ladder so to speak | |
Colin |
posted on 1st Jun 07 at 16:06 |
Will 6 or 7k be a deposit or will that be for other things aswell??? Find out what kind of property youd get for that sort of money, & if possible what similar ones rent out for in the same area. | |
Cosmo |
posted on 1st Jun 07 at 16:06 |
quote: tbh on a house that price (roughly 10% deposit) it could be worth it. If you've someone close to you who has done it before then thats the best place to ask :thumbs: | |
Dan |
posted on 1st Jun 07 at 16:03 |
ill be putting down 6 or 7k minimum, on a property of around 90k in value, the works no problem as my step dads a builder. | |
Colin |
posted on 1st Jun 07 at 15:54 |
quote: 1st off you'll never get a BTL without having a heafty deposit!! Secondly with no deposit & 100% of the property value borrowed theres going to be hardley any profit never mind money to pay a letting agent..................bad idea imo!!! If he had £20-£30k to invest, id be saying differently!! | |
Cosmo |
posted on 1st Jun 07 at 15:50 |
quote: on a buy-to-let mortgage though he wouldnt be too bad, aslong as he can bring in the rent to cover 125% of the monthly payments (is about the normal terms IIRC). Even if he just puts a letting agency incharge and pays them a certain amount so its less work for him he could make a little money, be on the ladder and might be able to release some capital when they do move in for any work they may want to do. | |
Colin |
posted on 1st Jun 07 at 15:43 |
Cant you buy now together, with a mortgage on principle on her current wage (full time) then let her do her college thing & part time work for a couple years & just pull together to keep afloat, maybe give up on any unnecessary outgoings to make it work. | |
Cosmo |
posted on 1st Jun 07 at 15:42 |
its one option, especially if it maybe somewhere you might want to live in a few years time...means you can get on the property ladder now, have the mortgage being paid for a few years and hopefully make a bit of cash if the value rises. Dont forget you'd have other costs too, and certain responsibilities of being a landlord. | |
Colin |
posted on 1st Jun 07 at 15:40 |
Depends on a few factors tbh, but if your confident you can occupy it with a tennant for as long as you need that will cover the cost of your mortgage then it might be a goer & it is always a good idea to get on the house ladder asap, however 6/7k might not stretch far in means of deposit, fees, stamp duty, any decorating etc. | |
Dan |
posted on 1st Jun 07 at 15:32 |
i have about 6/7k saved up for a deposit for the house, but the gf is now going back to college and cutting her hours to part time for a few years to lewanr more. |