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Buy to let explaination?
Doglover88
Posts: 431 Forumite
Thinking about buying to let my first property but really need to read into it a great deal before i start spending (if i do). Is there any web-sites etc that you can recommend please? From the basic of how much deposit i need right through to how to let it and contract etc?
Many thanks in advance
Glen
Many thanks in advance
Glen
0
Comments
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You can try
http://www.landlordlaw.co.uk/0 -
The financial times has an article up today on BTL that's not too rosy.
http://news.ft.com/cms/s/2e8f6bac-81e1-11d9-9e19-00000e2511c8.html0 -
Have a look at the pitfalls to avoid.
http://property.timesonline.co.uk/article/0,,14050-1464388,00.html0 -
Chances are you’ll need at least 15% deposit, which you could raise through re-mortgaging your current property. When buying to let, you want to make sure that the rent equates to at least 6% of the total investment. So if you buy a flat for £100k you’ll want a rent of at least £500 a month.
Bear in mind, however, that renting is not very profitable short term, indeed, there may well be a short fall which you will to have provisions for. Assume that one month out of 12 will be a void (no rent coming in) and that every 4 years you will need to budget for a complete re dec and carpets.0
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