Big Loan.....

Craig_Donny

For a while now i have been looking into loans and things. This is because there are some houses around were i live that are quite cheap and some of my dads friends own some and rent them out.

I want to get into renting houses but i dont want a mortgage were i have to wait 25 years before i make a profit. The houses around me are about 30-40k, and if anything needs doing to them i can do it as i have done building jobs ect since i was about 10. I also have a few K saved up.

I am only 19 now which could mean a problem for getting a loan or mortgage, i could afford around 600 a month, then on top of that would have the rent i got from my tenants.

Not sure where to start, prices, interest, if i would even be able to get one.

Any advice would be great

Sorry for any mistakes im rushing as i have to go to work, i look forward to reading your replys.

puddy

you dont have to borrow a mortgage over 25 years, you can take it over any period, the shorter the less you pay in the end

_Andy_

For a buy to let mortgage you will need at least 25% deposit, plus money for legal fees, valuation etc.
E.g for a £40k property you'd need £10k just for the deposit.
Problem is then you wouldn't have a deposit to get another one.