We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Buying a buy to let

leeroypenmut
leeroypenmut Posts: 31 Forumite
in House buying, renting & selling
Hi all, I have been looking at buying a buy to let house but unsure of the procedure

Can someone help?

When do i do a survey?

Do i need a mortgage offer?

When do i pay the deposit?

Any help please :confused:
«134

Comments

  • silvercar
    silvercar Posts: 50,681 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Procedure is exactly the same as buying a house to live in, at least before purchase.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • hethmar
    hethmar Posts: 10,678 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Car Insurance Carver!
    Do you mean you are buying from an auction?
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    SImple advice - don't.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • ad9898_3
    ad9898_3 Posts: 3,858 Forumite
    The procedure goes something like this

    1. Don't.
  • leeroypenmut
    leeroypenmut Posts: 31 Forumite
    neverdespairgirl wrote: »
    SImple advice - don't.


    Why? can you give a reason please
  • leeroypenmut
    leeroypenmut Posts: 31 Forumite
    silvercar wrote: »
    Procedure is exactly the same as buying a house to live in, at least before purchase.

    Thanks, But on my house the bank asked how much i earned, then said i could borrow X amount & sent me an offer!
    I asked about buy to let & they said all depends on the house, find a house & then sort it out
  • Cleaver
    Cleaver Posts: 6,989 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    leeroypenmut wrote: »
    Hi all, I have been looking at buying a buy to let house but unsure of the procedure

    Can someone help?

    When do i do a survey?

    Do i need a mortgage offer?

    When do i pay the deposit?

    Any help please :confused:

    Are you sure you need this sort of advice? You sound pretty expert to me.
  • deano72_2
    deano72_2 Posts: 786 Forumite
    i had 2 buy to lets,,was same as buying one to live in, basically if u can get it at less than rock bottom & deal of the century & your going to keep it long term then do buy but dont rush as the market may/probly drop alot down the line...iv bailed out just intime i think,,but funny enough found myself looking again but will only make v cheeky offer if i find one...
  • geoffky
    geoffky Posts: 6,835 Forumite
    let him do it.....go for it m8..you will be loaded in NO time...everyones making a fortune so why not you?

    and question yourself why you need to come on here and ask strangers...
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • mystic_trev
    mystic_trev Posts: 5,434 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    leeroypenmut wrote: »
    Any help please :confused:

    Go see a Doctor, you're (obviously) very unwell!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.3K Spending & Discounts
  • 247.1K Work, Benefits & Business
  • 603.7K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture