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60K deposit, 15K annual salary... Affordable Value of house
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marliepanda wrote: »Aside from the fact most lenders require BTL landlords to already own property, this is a terrible idea.
You may be right. Can you explain a bit more, though?No reliance should be placed on the above! Absolutely none, do you hear?0 -
You may be right. Can you explain a bit more, though?
New tax rules coming in this April, legal responsibilities as a Land lord, having to look after maintenance costs, broken boilers don't pay for themselves?
Tenants who don't want to pay rent and you have to pay to evict them, can be thousands.
https://www.gov.uk/government/news/changes-to-tax-relief-for-residential-landlords"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I feel like a devil typing this line, but if you currently rent privately, shared ownership may be better for you. You really need to know where your current money is actual going.
If you rent from the council, then I am unsure shared ownership is beneficial, you have to decide this yourself and do the calculations.
Age and sickness are big factors and are taken into account by the building society.
If you buy leasehold flat, you may in the future have horrendous service charges.
You may not get a 35 year loan, because in 35 years you will be 75+ years old and most mortgages are calculated up to retirement age. Buy to let mortgages may differ. Expect interest rates to go up.0 -
Hi I cant post links but I think Money Supermarket do one if you google it.
I would recommend going to speak to a financial adviser to talk about your options. I am just waiting to exchange on a house and honestly don't think I could have got there without her shes brilliant and by far the most value for money we paid for anything.
Also 60k?! Massive well done!0 -
You may be right. Can you explain a bit more, though?
Watch some of the landlord/tenant programmes via catchup tv. The situations are sensational, but they do happen.In fact a lady my son rented from had to give up both her properties, because of damage, theft and difficult tenants.0
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