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general info and advice needed regarding possible buy to let
COOLTRIKERCHICK
Posts: 10,510 Forumite
i am in a bit of a turmoil at the mo... basically i am saving like mad to try and get my dream property, but i seem to be saving, and getting nowhere fast...
so was just wondering about investing some of savings to buy a property to let..and just see how it goes etc and if i find the experience ok, them maybe think about buying another property etc
basically i have seen a property for just under 50k..... if i put the 25% down i can get a mortgage for 35k ( just needs a refresh, basically no major spends)
the monthly repayments would either be £124 a month interest only or approx £245 per month repayment...
the average rent for this type of property is around the £400 to £450 per month...
i was just wondering... as a guide line how much would landlord's insurance be etc..... would you start off with having an interest free mortgage on the property? do you work on a 9 month year? to cover the house being empty?
with this type of property ( mid terraced) would it be better just to let a letting agency/estate agent do all the work in finding a tennant and small repairs etc and pay their comission etc?
would really appreciate any thoughts and advice on how people started on the buy to let road..
thanks
so was just wondering about investing some of savings to buy a property to let..and just see how it goes etc and if i find the experience ok, them maybe think about buying another property etc
basically i have seen a property for just under 50k..... if i put the 25% down i can get a mortgage for 35k ( just needs a refresh, basically no major spends)
the monthly repayments would either be £124 a month interest only or approx £245 per month repayment...
the average rent for this type of property is around the £400 to £450 per month...
i was just wondering... as a guide line how much would landlord's insurance be etc..... would you start off with having an interest free mortgage on the property? do you work on a 9 month year? to cover the house being empty?
with this type of property ( mid terraced) would it be better just to let a letting agency/estate agent do all the work in finding a tennant and small repairs etc and pay their comission etc?
would really appreciate any thoughts and advice on how people started on the buy to let road..
thanks
Work to live= not live to work
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