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Buy to Let

Smurph_4
Smurph_4 Posts: 1 Newbie
in Mortgages & endowments
I would like to buy a house in cornwall as an investment to let out all year round.
I already have a mortgage on my existing home.
Has anyone got any advice on how I would finance this (100% mortgage). Or has anyone tried this and come up against any problems?:confused:

Comments

  • Jamz
    Jamz Posts: 278 Forumite
    I don't think it's possible to get a 100% mortgage on a BTL i'm sure.. could be wrong though
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    You will need betweem 10 & 15% for BTLs as s deposit
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • dunstonh
    dunstonh Posts: 120,188 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You will also have a pontential tax liability and increasing legislation. You would almost certainly need a property management company to be used (expecially with the rules now coming in April next year).

    Unless you have a sizeable deposit, the income is not likely to cover the cost. You would in effect be subsidising people's holidays
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
This discussion has been closed.
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