Mortgages - buying and then letting out the property?

Ivrytwr3

I think I know this area...it's called Cloud Cuckoo Land.

Hee hee, yeah £100k is a 'little' optimistic!

Wow. Landlords happy to subsidise tenants. A brilliant business plan me thinks Baldrick!!

Well i am paying £20 per month on top of my tenants rent to cover the mortage, but when you add on insurance and agents fees, you could say i am paying £100 per month for the privelage of somebody living in my house.

But then again you could say that for that £100 i spend, somebody else is paying me £460, i can't think of any other scheme that give that much a return.

As for this buy to let, i looked into this. I bought my first property recently. Due to work commitments i could not move in and still live in rented accommodation myself (very very cheapl i hasten to add). So once the mortgage completed i contacted my broker and explained the situation. No mortgage rise "only" a £125 admin fee for a 3 year 'consent to let'.

There is no requirement for a buy to let mortgage on your first property, but each broker has different terms so shop around (i went with A & L).

nmiah786

Meanmachine is back!!

monkey_writer

Ha ha, yeah - we're being optimistic... but it has got definate potential for massive regeneration, and anyway we'd like to live there in a few years so this way we'll just be making sure that that is possible. And that will be worth a small amount of loss. :beer:

Thanks Ivrytwr - it's good to hear people's real life experiences with this.