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Embarrassed FTB seeks advice
Comments
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princeofpounds wrote: »If you don't fully understand the financial concept of leverage - do you? - then you have no business going near BTL, especially when you really only have a deposit for one property.
BTL over the last 20 years has been a game where any mug able to take out a mortgage has made money. It's not necessarily going to produce the same results over the next 20 years, unless you think that a once-in-a-generation property boom will repeat.
I didnt grow up in the UK and was a landlord for most of my twenties. I dont have any illusions with BTL as a get rich scheme. I see it as (possibly) reasonable investment over a 20 year period to backstop shares and cash.princeofpounds wrote: »You need to future-proof any house you buy. I don't know your personal situation, but you need to account for potential future relationships/changes in family situation. [\QUOTE]
I had been thinking of 3 beds + 1 bath but 4 beds + 2 bath is within range. Good for emergency sublets.princeofpounds wrote: »Make use of stamp duty boundaries - you can typically do quite a bit better buying something for 250k than 230k for example, as more properties that would be priced at 260-270 might be prepared to take a 250k bid.
Very interesting idea. I hadn't thought of that :beer:0 -
DoubleOhScrimp wrote: »I dont see how being on a month to month periodic is different to having a one month break clause after 6 months? Am I missing something?
Break clause is usually a one off - say six months into a one year fixed term AST - it is not a repeating thing every month thereafter. Without you posting the precise wording we don't know exactly what you have.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
Are you willing to take on a lodger for a tax free income? That will get your mortgage paid off faster.
Not something I plan to do initially but getting a 3-4 bed place rather than 2 bed (strictly all I need) seems like a usefull insurance policy. I have seen decent 4 beds for £270k (will only offer £250k) which is not much more than $230k.
Traffic ... yes ... lets just say I have extensive experiance with Cambridge/A14 traffic :mad:0 -
OP Are to paying into a pension?Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0
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Break clause is usually a one off - say six months into a one year fixed term AST - it is not a repeating thing every month thereafter. Without you posting the precise wording we don't know exactly what you have.
Having just checked the lease ... it is a once off in the sense that ending the lease can be done from the end of month 6 onwards with a months written notice.0 -
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Use the multiquote function: click of the little pink-orange speech bubble of several posts, then click on the quote button of the last one.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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You cant get a BTL mortgage from many lenders unless you already own a property.
I would put your efforts into buying a home for yourself with the biggest deposit you can save
20% deposit is better than 10% and if you can get 25% together then even more mortgages are available
Consider offset mortgages if you can make large savings every month and go for the best property you can afford upto £250K ( stamp duty )0 -
dimbo61
Yet another reason to forget about BTL for at least another 4 years
I would save for 20% but avoiding paying £200 in fuel just seems to make buying with a 10% deposit the more sensible approach. Using the mortgage search on MS seems to suggest having a 25% desposit now would only save me £120 pm in interest which is about half my fuel spend 
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I haven't yet been to see the new houses in Trumpington, is it really the Cambridge hotspot?
Seems to me it is going to be an enormous housing estate and the only advantage is its next to the Park and Ride, oh and close to waitrose!
Where are you working, is this on the right side of Cambridge for you?
As for BTL are you going to do this in Cambridge, house prices are high and it's hard to get a good return, of course village properties are cheaper but the demand is less and so is the rent.
Why don't you look at the other villages or take the plunge and buy in the city where house prices continue to hold up in desirable areas.0
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