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Big Loan.....

Craig_Donny
Posts: 145 Forumite


in Loans
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.
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.
0
Comments
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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 end0
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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.0
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