Buy to Let?

katty11

Hi

I am considering coming out of my pension to do buy to let. Has anyone got any advice on buy to let? I would need to save up a deposit first do I need a certain %?

I would consider using a letting agent as would want it to be low hassle.

Any advice would be great.

Thanks

Katty

daisy_darling

My sister-in-law has built up a buy to let portfolio of around 50 properties over the last 15 years or so. It gives her a marvellous standard of living and i think most of the properties are let out through the local council to benefit recipients.

She doesn't use an agent, but that's possibly because she's so experienced at this business.

Werdnal

Read this, and all the links it contains:

http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

Should give you a good start!

BTL mortgages usually require atleast a 25% deposit.

No such thing as a "hassle free" let!

You are entering into running a business, even if you only have 1 property to let. Employing an agent can keep you at arms length from your tenant, but you still need to read, learn and inwardly digest everything you can about letting, tenancy law and your obligations as a LL. Infact, employing an agent can sometimes create hassle as there is no minimum experience or qualifications to set up as a letting agent, and they do not need to belong to a regulatory body. They make mistakes too, and you end up paying for them ...

G_M

Start with this post here...

edit: beaten to it by Werdnall!

katty11

Thanks guys this is all really very helpful a lot to think about!