£10,000 to Invest - Buy To Let????

badgerman_2

Recently sold my property and have £10,000 left over to invest in a buy to let property.

Wanting advise on whether to buy local to me to manage, what my obligations are as a Landlord (insurance etc). Also want to know whether I should go for a flat first time round until I get my knowledge of the market up.

We only have my wage coming into the household so the BTL mortgage would have to be in my name I guess, what are the tax implications of this. I am a higher tax payer unfortunately. Would I be better getting the mortgage in joint names with my wife, any guidance or answers would be much appreciated.

Regards

Badgerman

martyn4764

I'm no expert (mind you most BTL'ers these days don't seem to be either ) but wouldn't £10k as a deposit only get you a mortgage for £66k? What would that buy in your area?

badgerman_2

Your right yes it would only get you around the £66,000 mortgage, I also have my brother willing to put the same amount in so you can double it.

Mrs_pbradley936

look at thread called BTL and gross yeilds lots of info on this topic there.

Angela_D_3

badgerman wrote:

Your right yes it would only get you around the £66,000 mortgage, I also have my brother willing to put the same amount in so you can double it.

Ok look at what 120k can buy you, and also have a look at how many other 2 bed flats for example are available to rent locally. IMO if you aren't getting a 10% yeild on a btl after wear and tear and maintence it's not worth the hassel, get an isa instead.