Buy To Let or Standard?

lky2k23

Looking at buying a flat to try and either sell on or rent out. Best I have seen depositwise is 25% of the property value, is there any better then this, property is only 80k.

If i wanted to buy the flat and renovate it then sell it on, would i be able to get a standard mortgage on this?

Thanks guys.

Liam

dimbo61

You are looking to buy a flat OK lots on the market at the moment as hard to sell ( maybe not in your area ! )
Flat in London for only £80k !!!
Do you want to buy and rent out ( get a BUY TO LET mortgage )
Want to buy and "do up" and then sell OK
Get a mortgage put down 25% deposit then have money to renovate property and then sell AT A PROFIT !!
Have you heard of the credit crunch?
Are you a builder with lots of friends in the building game?
Have you got £35/40K sitting in the bank ( deposit/money for renovations)
Watch Sarah Bennie on TV programme about doing up houses/flats for PROFIT

lky2k23

its a repo place, thats why its so cheap

Euphoria1z

do you have a mortgage already? i.e residential?

dimbo61

Right then its less than £175k so no stamp duty !
If you can renovate the property and sell it at a profit go for it either quickly and put back on market OR live in it yourself !
Do a good job and keep the costs under control
GOOD LUCK

Euphoria1z

if you have a residential mortgage then i dont think you can get another standard mortgage. if not then go for standard mortgage. if you have a standard mortgage already then you will need buy to let or any other speacialist mortgage with higher rates.