1st time buy to let?

Doglover88

Probably going to get a 1001 different answers but i thought id try you guys (and gals) for some advice as im sure a few of you are well up on buy-to-let. I've got £20,000 for deposit and was thinking of buy to let a place in a town i know well. Is it a good time to do so? i know property prices are very high at present and you can get quite good deals on mortgages so what do you all think? Also, i was under the impression that you needed 15 or 20% deposit but ive seen a few offering up to 95% LTV is this right? And whats the rule regarding your monthly repayments in comparison to the rent you get back? sorry to ask such basic questions but as i said im completely new to this
Many thanks in advance
Glen

herbiesjp

You will need more than a 5% deposit on a BTL.

Each lender has a different way of calculating the rental cover needed so difficult to say without knowing more details - rough guide is 130% cover at 6.5% interest rate.
This is not the only way of calculating what cover is needed, but it gives a rough idea.