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Buy to let- with a twist

john96
john96 Posts: 21 Forumite
in House buying, renting & selling
Hi all,
Im a British soldier, have a German house + mortgage, can I, should I buy to let in the UK as an investment.
My hope is to at least cover the costs of mortgage, or make a small profit each year.
Thanks for informed replies!!!

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Errrr.... need a bit more to go on. Your aim? Location? Value? Available cash and/or credit? Experience? Plans for management? etc?

    Get and read a good book like Tessa's.
  • john96
    john96 Posts: 21 Forumite
    Would be looking for a 1-2 bed flat in the Glasgow area to let, and possibly sell once mortgage paid, will use letting agent as i dont live in the area, 70-80k range, with around 10k deposit.
  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
    john96 wrote: »
    Would be looking for a 1-2 bed flat in the Glasgow area to let, and possibly sell once mortgage paid, will use letting agent as i dont live in the area, 70-80k range, with around 10k deposit.

    You'd need a minimum 25% deposit to BTL, plus mortgage fees and rates for BTL are considerably higher.
    Thinking critically since 1996....
  • john96
    john96 Posts: 21 Forumite
    Thanks, thats the sort of info I needed!
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You'll need to know what the monthly market rent is in Glasgow and multiply by 10 for annual income (to allow for gaps, defaulting tenants etc)
    Against that you'll need to balance mortgage payments, agents fees, maintenance costs (regular and one-off repairs), tax, insurance etc etc.

    As I said, read a good book to fully understand what's involved and help calculate the budget.
  • tbs624
    tbs624 Posts: 10,816 Forumite
    Allow also for costs of registering as a LL with the local authority separate fees for LL personally plus fee for actual property. If the LA you use is not registered you will also have to pay a fee for the LA to be assessed as "fit and proper"
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