1st time buy to let advice

Doozergirl

giddypenguin wrote: »

Exactly the point I was going to make B&T, I thought I misread the 'FTB' bit at first!

The house next door to ours has been converted into 3 flats, the top one is occupied by a alcoholic gentleman. He has been known to throw things out of the window (hitting our cars), set fire to his house (burnt down completely once, and the fire brigade is called out on average twice a month) and quite often falls asleep while running a bath. He also USUALLY keeps himself to himself, but when he mucks-up he does it big style - it's the people who live under him I feel sorry for, one lady's bedroom was flooded by the fire brigade, took 6 months for the insurance to come through - it was a one bedroom flat.

We had a neighbour like that. In Streatham for anyone that read the other thread He once threw almost an entire pig out of the window, in pieces :eek:

OP, I don't think you can get a BTL mortgage as a FTB, you need to own another property first. Why don't you fix it up and sell it on again if it's worth that much more?

giddypenguin

About 3 months ago he got arrested in the afternoon for criminal damage and resisting arrest after throwing stones at our cars, he was released, decided to start a fire in his flat (we were having a small bonfire at the time - thought the smoke had blown into his open window and set off the alarm, then something exploded up there) firefighters were called out, broken in, put out the fire, no sign of the man. As soon as they leave he turns up and gets angry about his door being kicked in, so goes up stairs and throws bottles at us, we call the police, they re-kick down the door, find a new fire, call the SAME firefighters out, man is arrested again, then 2 months later he's back home, and so have the firefighters!

Very frustrating for the people underneath him, they said yesterday they were amazed at how cheap they got the flat for, now they know why (if they would have spoken to ANY of the neighbours before buying they would have been told about the man)

poppysarah

caylansmummy wrote: »

hiya yea ive looked into it, we live across the road from them you see, and to be honest, they just sit in the house and drink, no loud music, no kicking off in the street, there harmless, they keep them selves to themselves, never have any visitors and it just seems such a good bargain to let it get away!!

but im unsure if we would get a buy to let mortgage with us being 1st time buyers and how much the cheapest % deposit would be

thanks for your help everyone

Rent expected
You managing it?
Electrics safe?
Gas safety certificate cost?
Does it need any other work?

Vincenzo

If you are renting across the road, why not buy to live? If you can get a residential mortgage, this will be cheaper than a BTL and you can seek consent to let afterwards. Of course, if you do not intend to live in the property this is mortgage fraud.