Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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Right...
I moved into my flat 6 months ago and its great, its a really quiet area and a great building plus private car parking etc. Now the flat across the hallway has come up on the market and i want it.
There are only 6 flats in this small block and the one i own and the one i want to buy are both the top floor ones 
Has anyone got any pointers for renting it out etc. i'm going to book an appointment with a mortgage advisor today hopefully
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Russ
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Registered: 14th Mar 04
Location: Armchair
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you might struggle to get the two mortgages mate, depends on how much your outgoings are, as your never 100% certain whether its always gonna be occupied
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Aaron
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Registered: 9th Aug 04
Location: Cottingham, East Riding
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Yeah i see what you're saying
My dad was also interested in splitting the costs on it. Since i've moved i to my falt he always said "if another in this building comes up let me know because i'll buy it" (as in investment)
i think if we split it we should be fine
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Colin
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Registered: 4th Apr 02
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Im sure for a buy to let mortgage you need a large deposit - 25% Iirc.
Do some homework 1st before jumping into it, work out how much a month it will set you back, what needs done to get it to rental condition, your rental potential & income. It might not look so good on paper.
[Edited on 07-01-2007 by Colin]
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Thoday
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Registered: 12th Jan 03
Location: Drove kitted corsa b now standard corcs c exclusiv
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I think Colin is right 20% poss and ur rental income if its a by2 let has to be sumthing like 20% more then the mortgage per month
chat with the Mortgage Advisor for options but always get 2/3 quotes on the mortgage.. rates arent face value.. check the fees, early repayment charges and if you get any legal work free
investment in property is the way forward for your pension esp 
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Colin
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Registered: 4th Apr 02
User status: Offline
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Also you will pay tax on the rental income.
Its a good idea but you might not see much of a return for at least say 5 yrs.
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shawboy
Member
Registered: 1st Jul 02
Location: Wombwell, Barnsley
User status: Offline
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its 15% for a 2nd mortgage, my dads been looking into last month.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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I would guess between 15 and 20% deposit so you're breaking even. You don't want to be too far in profit because of the tax liability.
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