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buy to let. a good idea?

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Comments

  • ognum
    ognum Posts: 4,879 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Dan-Dan wrote: »
    You missed the point , going in this blind , to a BTL is folly

    Now, now Dan, it's not so long ago you were asking lots of questions about house buying, no one told you not to do it just because you asked!
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    CGT allowance is now £10900 per person or £21800 if a couple!
    Please make sure you ADD all the costs of buying and getting up to a standard to rent!
  • Dan-Dan
    Dan-Dan Posts: 5,279 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    ognum wrote: »
    Now, now Dan, it's not so long ago you were asking lots of questions about house buying, no one told you not to do it just because you asked!


    Buying a house to live in is a lot different to buying it as a BTL , i have been on the receiving end of dreadfull landlords , maybe that`s coming through in my posts on this thread
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • ognum
    ognum Posts: 4,879 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Dan-Dan wrote: »
    Buying a house to live in is a lot different to buying it as a BTL , i have been on the receiving end of dreadfull landlords , maybe that`s coming through in my posts on this thread

    maybe that's because they didn't ask questions at the start :beer:

    I hope you ate now happy in your home with no more LLs to be involved with. :j
  • g3no70
    g3no70 Posts: 10 Forumite
    One piece of advise.. Be tough as a Landlord. Take no crap.

    Always take a bond of at least a months rent, that way if they default you could offer them something to go quietly instead of hanging around. I had 2 default on me but generally tenants are good if the agent does their work.

    Allow at least 10% for maintenance per year of rental income.

    Don't rent to anyone you know

    And don't trust anyone, what seems a good idea can easily turn on it's head. Remember self preservation, that works both ways.
    :money:
  • myright
    myright Posts: 689 Forumite
    Thanks guys some smashing advice here, keep it coming!

    In terms of mortgages, is it cheaper to get it on a BTL or house your just prchasing to live in .
  • Cornucopia
    Cornucopia Posts: 16,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    BTL mortgages are generally more expensive than residential (not necessarily by much).

    However, keeping accounts and doing the tax return are more straightforward where the mortgage is BTL interest only.

    The decision is a complex one and depends on a variety of factors like existing rates, equity, employment, etc.
  • myright
    myright Posts: 689 Forumite
    thanks for that!

    would it be aainst the law to rent a house out on a resedential mortgage?
  • Road_Hog
    Road_Hog Posts: 2,749 Forumite
    1,000 Posts Combo Breaker
    myright wrote: »
    thanks for that!

    would it be aainst the law to rent a house out on a resedential mortgage?


    It would be a civil offence if you didn't have the agreement of your lender. It would likely invalidate your insurance as well.
  • Yorkie1
    Yorkie1 Posts: 12,553 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Road_Hog wrote: »
    It would be a civil offence if you didn't have the agreement of your lender. It would likely invalidate your insurance as well.

    It would be a breach of contract which, on a worst case scenario, could lead to the lender asking you to repay the mortgage.

    The phrase 'civil offence' is unhelpful because there's no such thing - an offence is a criminal matter.
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