got the keys today for my first buy-to-let

nollag2006

Welcome to the club tucbiscuit !!

:beer:

Jonbvn

tucbiscuit wrote: »

10% deposit


even at £500 it will be decent as a return, other very similar houses have rented for £500

How did you manage to get a 90% LTV BTL mortgage? Nearly all lenders will consider a max LTV of 75-85%.

A_Nice_Englishman

Would you care to post your business plan, tucbiscuit?

I was an 'accidental' landlord (moved in with gf and rented out my house) and couldn't really get a decent return after I'd taken into account void periods, bad debts, repairs, redecoration, legal fees,insurance, agents fees, costs of evicting bad tenants etc. I owned the house outright so didn't have to worry about rises in interest rates.


My main reason for keeping it was as a hedge against house price inflation and that was worth the poorish return (compared with selling and putting the money in the bank) to me.

Nick.._5

Jonbvn wrote: »

How did you manage to get a 90% LTV BTL mortgage? Nearly all lenders will consider a max LTV of 75-85%.

Oops, OO mortgage maybe? :rotfl:

Although there might be enough shiester lenders out there doing higher LTV on BTL

1andrea

Good Luck Tucbuscuit! I am not too far from there myself!

BobProperty

tucbiscuit wrote: »

.....there seems to be a dearth of rental properties in that particular area, especially 3 bedders

Ever thought there could be a reason for that?

tucbiscuit wrote: »

ok, dolce, if you are into btl, then runcorn, widnes, warrington, st-helens, wigan etc. are some of the places left where you can get a decent return even when buying now

Surely the potential tenants in those areas can buy at £80k ish? Minimum wage would give an income of about £23-25k for a couple so not much problem getting <4 times income mortgage? Maybe?

£500 pcm on £82000 is 7% return. You can get 6% in a bank without any hassle.

tucbiscuit

there is a massive amount of industry in the area and a lot of laboratories and a huge ICI works there so you get a lot of people coming to the area to work on temporary contracts who need accomodation, this is the market I am looking at

tucbiscuit

BobProperty wrote: »

£500 pcm on £82000 is 7% return. You can get 6% in a bank without any hassle.

yeah, but hopefully there will be some capital growth too

sm9ai

Well I think your very brave.

But Good Luck!

izzybusy23

tucbiscuit wrote: »

Quite scary and exciting, to actually get the keys and be in the house. I was scared the previous owners may leave it full of rubbish or dirty or untidy, but they have left it very nicely, which I was very pleased about, so all I have to do is a little cleaning and painting.

I am a silent partner in anothet btl, but am doing this one on my own and I feel like there is so much to do; gas cert, elec cert etc.

Not sure whether to rent it as a whole house privately, a whole house through an agent, or on a room-by-room basis.

scary :eek:

feel pleased too, so just had to tell someone :beer:

Hmmm.. another BTL house which is pushing up house prices out of the reach of FTB's... and at the peak of a credit crunch too. :rolleyes: