BTL Advice

costingbunny_2

Hi

I appreciate that investing in a BTL property is not necessarily and easy way to make money etc but I just wanted some basic advice.
Looking to buy a property for £80K, I have £20K to put down on the property the rental income would be around £450. I am looking to have it as repayment for 15 yrs with a view that the rent will pay the mortgage and it will be mortgage free in due course (quicker if the rent is more etc). I do not need the rental income to use as my own income as I have sufficient wages etc. Does this sound the best way? I own my own house outright but presume it is better to use cash as the deposit rather than raise the money for the BTL on my own house??

Thanks

Socksey

Hmmm.... assuming 4% over the 15 years on a repayment mortgage with £1000 fees added to the mortgage, you will be paying £451 per month.... so could be cutting it a little close....


I too am planning mine to be paid by the time I retire and so giving me an income then... but I have rents around £400 with mortgage payments around £250-300