Londoner attempt to get on the ladder!

sal_III

mui wrote: »

Thanks sal_111 > that's really helpful! How far out did you need to go to get a new home? I had a glance some time ago and found they were mostly flats which isn't an option for us unfortunately - but perhaps if we went out a few zones we'd find something.

Why a flat isn't an option fro you? Ours is a flat as there are 0 new build houses in the area and 90% of the old stock are Victorian terrace shoe boxes that I wouldn't live in, even if someone was paying me to. We bought from the latest phase of the development we were renting in previously, so like 150m away

Alan2020

Hello,
From my understanding you have £20k cash and want a BTL. I would not do it. There is investment and gambling, with £20K you are gambling.

The issue here is you need to first get a home, what happens when cheap rental ends?

In your shoes think of areas outside London you can move to. If this is not possible you can certainly get a 2 bed in Greater London for £200k.

With BTL it’s very easy to loose your property. Most successful people with BTL tend to have their own mortgage free house and lots of mortgage free property. The others are chancers gambling on cheap interest and increase in house prices. You really shouldn’t gamble with a family if they are priority.