Anyone become MF and then a Buy to Let landlord 22 February 2011 at 6:45PM in Mortgage-free wannabe 2 replies 659 views

welshlady33

Sorry if you think this should not be on this board - but could not find much on the Buying/Renting board from actual Landlords more about people renting.

Just wondering if any of you have become, or thinking about purchasing a Buy to let as and when you become/became mortgage free and what your opinions/views/ pros and cons were?
:idea:

dimbo61

As with most things in life it helps if you have a pile of cash to start with!
Most BTL mortgages need a 25/30% deposit plus the fees which can be very high in the current market.
It was BTL mortgages which put Bradford and Bingley out of buisness and poor lending.
The legal side of owning a property and getting it ready to rent are complex, gas safety certificate, electric safety instalation certificate, landlords insurance for contents and buildings, smoke alarms, carbon monoxide alarms, and the costs to buy and alter a property ( fire doors) HMO,s and consent from the local council are other things to consider.
getting ternants and securing the deposit plus getting the rent paid every month can be fun.
having spare money to cover void periods or repair damage done by tenants and fees to pay letting agents to find you good tenants all add up.
Becoming mortgage free is so much easier and you get to enjoy life without the worry of a mortgage.

pawlala

dimbo61 wrote: »

Becoming mortgage free is so much easier and you get to enjoy life without the worry of a mortgage.

Very important phrase right here when considering BLT if you don't need to do it