Buy to let in Scotland - advice, please

Puddylove

Hi
I work in England, and am renting in a village. I want to get on the property ladder, before I am too old to get a mortgage (I may already be). I do not want to buy here, as if I lose my job, I'd struggle to find my kind of work locally.

I'm considering buying a house in my home village in Scotland, just so I will not end up homeless in my dotage. I could let it while I work in England. The village is well placed for work in two or three cities, so would be able to live there if I am made redundant (an outside chance). I may also be able to move my job to one of the cities.

My question;
1. Can I BTL without owning my own home.
2. What percentage deposit is required?
3. Is there any website or resource where I can research Scottish BTL?

Any other thoughts and advice would be most welcome.
P x

G_M

Puddylove wrote: »

Hi


My question;
1. Can I BTL without owning my own home. Yes, but if you need a mortgage, many lenders- no. See an independant mortgage broker
2. What percentage deposit is required? for mortgage? Normaly 25%
3. Is there any website or resource where I can research Scottish BTL?

P x

The link below applies to England/Wales, but many points are common.
In Scotland you must be registered as a landlord. Check your council website.
Google scottish Parliament website for letting advice

* New landlords: advice, information & links

a quick google & this looks helpful:

http://www.scottishlaw.org.uk/lawscotland/landlord.html

Puddylove

Thank you - there's a lot of information there for me to read and digest.
P x

agrinnall

I'd also take a look on Shelter Scotland's website.

http://scotland.shelter.org.uk/get_advice/advice_topics/information_for_landlords

googler

Remember that the buying process is different from E&W, too... whether it's for BTL or personal purchase.

Puddylove

Thank you, I will work my way through the information before I make any decision.
P x