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Ftb - BTL?
cdib
Posts: 1 Newbie
Hi everyone,
I'm thinking of buying a property for the first time, I'm 27 earning £32,000 p/a take home £1,700 per month after season ticket loan and deduction of fees for part-time studies. I live with my parents and was thinking of renting the property out, At the moment I'm not sure if this would be long term or just for a year or two. I've got about £20,000 savings. If I want to do thnings by the book, do I have to take out a BTL mortgage or can I get a normal mortgage and assk the lender for permission to let it out (what's the likelyhood that they'll agree?)
I'd be grateful for any advice/tips anyone has.
Thanks
I'm thinking of buying a property for the first time, I'm 27 earning £32,000 p/a take home £1,700 per month after season ticket loan and deduction of fees for part-time studies. I live with my parents and was thinking of renting the property out, At the moment I'm not sure if this would be long term or just for a year or two. I've got about £20,000 savings. If I want to do thnings by the book, do I have to take out a BTL mortgage or can I get a normal mortgage and assk the lender for permission to let it out (what's the likelyhood that they'll agree?)
I'd be grateful for any advice/tips anyone has.
Thanks
0
Comments
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You are wanting to buy a property and rent it out.
You require a buy to let mortgage.0 -
You require a BTL mortgage not a BLT thats unless you are hungry!0
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They probably won't agree if you ask them straight after you get the mortgage. They will probably get a bit upset with you for applying for a residential mortgage under false pretenses.0
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To get a BTL mortgage in the current market you will need a large deposit of 25/30% and will also pay 2/3% fee of the amount borrowed.
Landlords have to go through alot of checks and legal paperwork gas/elec safety checks etc.
Stay at home and save every penny to one day buy a home of your own.0
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