Buy to let mortgage

bigdavecox90

Mrs_Z wrote: »

Why the hurry to spend the money? If I were you, I would put it in a 1 or 3 year fixed rate account and forget about buying a property for now. You are so young and entering a BTL business at this stage in your life would be a very short term strategy. Save the money and in the meantime save even more so that in 3-5 years time you'll have a nice decent deposit to put down for your OWN home! At that point, get a 2 bed property and either rent out the spare room or move your girlfriend in - and once you've had your own home for few years, you can still then go down the BTL route if the idea still appeals.

Thanks for the advice.

At the moment my grandfather (who initially gave me the money) is keeping it in a high interest account anyway.

He is only allowing me access to it, in order to buy a property.

So perhaps it may be an idea to sit tight?

I just personally thought it may benefit me to get on the property ladder at a younger age?

Cat2011

I'd bank the money, wait several years, saving as hard as you can. Then you'll have a big enough deposit and hopefully a good enough income to buy your own/buy with a loved one/friend.