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Probably a complicated question, how many houses get a morgage on to rent out?
Poshsalt
Posts: 142 Forumite
Im saving money to put a deposit on a house next year and wondered if say I put 30% down to get a morgage.
1. Can I then get a flat/house to rent out to become a landlord and if so would it be 30% again or more or less?
2. How many morgages can you have? If I could get £30k a year for a deposit for a house ot rent could I keep doing it for ever?
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Comments
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Residential and BTL mortgages are different
Residential mortgage (for the property you will live in) is based on your income
BTL mortgages are based on the income from the property - many expect a 25% deposit and a yield of x%
Some people do build up a significant property portfolio but it is important to fully understand the requirements of being a landlord Due to recent and upcoming tax changes many are moving away from that 'career' and selling up.0 -
Caz3121 said:Residential and BTL mortgages are different
Residential mortgage (for the property you will live in) is based on your income
BTL mortgages are based on the income from the property - many expect a 25% deposit and a yield of x%
Some people do build up a significant property portfolio but it is important to fully understand the requirements of being a landlord Due to recent and upcoming tax changes many are moving away from that 'career' and selling up.
Hi thanks for your reply, yeah my mate who bought and sold a house said about landlords are selling up, when ever I try and get into anything its always the wrong time!
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What sort of yield are you calculating on this?Poshsalt said:Im saving money to put a deposit on a house next year and wondered if say I put 30% down to get a morgage.1. Can I then get a flat/house to rent out to become a landlord and if so would it be 30% again or more or less?2. How many morgages can you have? If I could get £30k a year for a deposit for a house ot rent could I keep doing it for ever?0
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