Off Sick and No Benefits

colsten

OP, if you will be accepted for current accounts, you will be able to make use of the various current account switching offers. Coop, Nationwide, TSB, Halifax are the ones I can remember from the top of my head. I seem to remember there's about £500 to get but it's some time that I have done them all. All info on the forum.

colsten

PoorAndPoorly wrote: »

We were wondering about investing in property and if that would be a good way to go, but not sure what to do.

Are you joking? Going by what you posted, you aren't well, have all of £40K, no income, and you think you should engage in property? That's a business, you need to be fit to work to run a business, and you need to have liquid capital for repairs etc.

atush

Barmy plan

PoorAndPoorly

I hope I would be accepted for the switchable current accounts, I am having a look into the various options.

I'm sorry I didn't explain it very well. The idea was for me to put up part/all of the £40,000 as deposit and buy it jointly with my parent, with their income. We were thinking this would provide a monthly income once it was up and running after the initial setup phase provided there was a tenant.

Once again thank you for your advice and opinions. It's given me lots to think about.

molerat

The problem with a BTL as only source of income is:
Void periods - no income
Non paying tenant - as above - plus court costs to get them out.
Repairs - where are you going to get the money to do the repairs if you spend all your savings on buying the property ?
Need some cash in a hurry - your only asset is locked away in a 6 month tenancy plus time to sell.

If you can afford to buy 5 houses then it is probably viable as a main income generator but one is too much of a risk.

lisyloo

The idea was for me to put up part/all of the £40,000 as deposit and buy it jointly with my parent, with their income.

How fit and well are your parents?
As has already been mentioned, property is a business and requires DIY/repairs unless you outsource that (which costs money).

Personally I think it's a barmy idea because of the work involved.

Are you also aware of the changes that happened in the budget for BTL? This makes it much less attractive.
Some people have had a great time with capital appreciation but it's certinaly not a no-trainer and there's work to be done.
If your tenant has a leak at 4a.m. then someone needs to deal with it.
I don't know what you parents do, but if you're off work that suggests you're not up to plumbing in the middle of the night.

Sorry about your situation and all the best, but like others I think property is a barmy idea.