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Buy or Buy to let
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wajoda2002
Posts: 142 Forumite
Can someone please help??
We currently have saved £8k to put down as a deopsit. The problem we have, we don't know weather to use the the £8k as a full deposit on a buy to let property in a different area at approx £80k value, or use the 8k as a 5% deposit in the area where we are currently renting (paying £600.00 pcm) and get a 5% gift vendors deposit and take on the mortgage ourselves.
We don't know what to do for the best. Any advice would be great!!!!
We currently have saved £8k to put down as a deopsit. The problem we have, we don't know weather to use the the £8k as a full deposit on a buy to let property in a different area at approx £80k value, or use the 8k as a 5% deposit in the area where we are currently renting (paying £600.00 pcm) and get a 5% gift vendors deposit and take on the mortgage ourselves.
We don't know what to do for the best. Any advice would be great!!!!
0
Comments
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You need more than 10% deposit for buy-to-let, I believe.
Moneysupermarket's comparison doesn't kick in until 25%. Speaking to a specialist or whole of market broker might get one around 20%.0
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