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Buy to let mortgage?
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Madcatgirl
Posts: 327 Forumite
Hi - my partner and I are considering getting a buy to let property as our savings aren't doing anything at the moment. It's an £80k 2 bed flat and we have about £20k in savings, so have the 25% deposit. My work is connected in the property industry, so although it's slightly precarious at the moment, I've noticed a lot more investors stepping back into the market, so I'm happy to risk it that prices won't go down any/much further.
Our financial situation is as follows: we both earn 26K, and have no debts apart from student loans. My partner owns another flat in the next block to the one we are looking at, but is in massive negative equity (paying c 40K more than the one currently for sale). We live in this flat, with me paying him rent. However, the mortage on his flat is very cheap at the moment. We are very confident that the rent on the other flat would cover the mortgage, and would consider renting the flat on a Council sponsored scheme to Council tenants (it's an ex local authority flat).
My question is, is this possible, especially as I have no mortgage at the moment? Or would mortgage companies run a mile!
Thanks for your help in advance...
Our financial situation is as follows: we both earn 26K, and have no debts apart from student loans. My partner owns another flat in the next block to the one we are looking at, but is in massive negative equity (paying c 40K more than the one currently for sale). We live in this flat, with me paying him rent. However, the mortage on his flat is very cheap at the moment. We are very confident that the rent on the other flat would cover the mortgage, and would consider renting the flat on a Council sponsored scheme to Council tenants (it's an ex local authority flat).
My question is, is this possible, especially as I have no mortgage at the moment? Or would mortgage companies run a mile!
Thanks for your help in advance...
March 2016 - £178,914.59; July 2017 £146,160.38
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
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