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First place, buy to let in neaby town?
snowqueen555
Posts: 1,572 Forumite
Hi all
I don't earn enough to buy a property in my city (1 beds go for around £120k now), but nearby in places like Weston Super Mare and Newport I could probably buy a small flat on my own (start from 50-70k). Is this a wise idea? My rationale is that if I can't ever afford something here, I'm better off owning something nearby as a buy to let property, and the mortgage could be 15-20yrs rather than 25yrs+.
I currently live in a houseshare for the forseable future and it is very inexpensive, if the property I bought remained unlet I could still pay the mortgage c/tax etc with my current salary.
Is this a terrible idea?
I don't earn enough to buy a property in my city (1 beds go for around £120k now), but nearby in places like Weston Super Mare and Newport I could probably buy a small flat on my own (start from 50-70k). Is this a wise idea? My rationale is that if I can't ever afford something here, I'm better off owning something nearby as a buy to let property, and the mortgage could be 15-20yrs rather than 25yrs+.
I currently live in a houseshare for the forseable future and it is very inexpensive, if the property I bought remained unlet I could still pay the mortgage c/tax etc with my current salary.
Is this a terrible idea?
0
Comments
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there are not many lenders for BTL when you do not already own a property. If you have a 20%+ deposit, meet the minimum income requirements (£25k?), want to be a landlord and the rental income makes sense, a broker could likely advise whether there are any options with the limited lenders
It also looks like lenders are making changes re criteria
http://www.telegraph.co.uk/personal-banking/mortgages/another-lender-clamps-down-on-landlords---but-could-brexit-rescu/0 -
Why don't you buy in Weston and commute to Bristol? Plenty of people I know do that0
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I think it doesn't look too good for me then, really difficult to get on the ladder as a single person low wage earner.
Probably don't want to commute, my roots are here afterall.0
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