Buying my first house

voixdeville

I currently live in a terraced house with my partner, which he owns outright (mortgage fully paid off).


The house next door in the terrace is up for sale and I want to buy it.


This will be my first ever house purchase, and I have got my deposit for the mortgage. I also have a permanent contract of employment.


I would like to get a buy-to-let mortgage, rent the house out for around 8 years, and then begin using it.


I was wondering if anyone could give me a list of all the things I will need to do, to attempt to buy it, and also if anyone sees any potential pitfalls with this plan, please let me know.


Thanks in advance

Lilla_D

Hi there,

The potential lenders available for you can be counted on one hand.
It's important to find out what the potential rental income may be and then a broker will be able to advise you based on your situation and the rental income, which lender(s) you could use.

Thrugelmir

voixdeville wrote: »

This will be my first ever house purchase, and I have got my deposit for the mortgage.

Large enough for a BTL mortgage?

Have you crunched the numbers? Is letting a viable proposition taking into account void periods, maintenance, interest and of course tax.

Mojisola

voixdeville wrote: »

The house next door in the terrace is up for sale and I want to buy it.

If you to get a BTL, is the house next door the best proposition?

Some prospective tenants will walk away rather than have their LL watching their every move; others will take advantage of it and be knocking at your door every time there's a minor issue with the property.

voixdeville

Hi, thanks so much for the replies.

Roughly how big a deposit would I need for a BTL mortgage if the asking price is 143,000 please? Also, I want to find out how much the property is likely to be worth if we knocked two houses into one. Who would I need to contact to find this out please? Thanks