Buy-to -let

james1_2

I'm giving a lot of thought into buying a second house with a view to renting out the house but I'm not to sure were to start. I've found the ideal location and I reckon I can get a nice two bedroom terrece house for £70K and now I'm looking for a suitable buy-to-let mortgage any ideas which bank would be the best to invest with. And also how to buy-to-let intertst rates compare with a standard repayment mortgage AND is it worth renting my house through and agent (how much would they charge)?

aidsy

iam intrested how much do you expect to get pcm for you 70k terreced house? and will u let it furnished or unfurnished?

james1_2

It will get around £350 to £400 a month rent, house prices are very cheap up North compared to the rest of the country.

aidsy

hi james

350-400 sounds ok 400 i like ;D i cant give u much advice on using an agent as ive never used 1 b4, i belive that if uve bought a house in the right location u will not find it hard to find tennants quickly and get a ast from any office supplys supplyer, i like to vet my own tennants, as it is my house they will b moving into.

i do belive agents can charge as much as 10% per month . deffo not worth it if u ask me.

JayneH_3

The agents around our area charge 75% of first months rent to find a tenant. Then if you want them to manage the property it is 10% per month.

We have let out a house twice without agents, both times taken up references etc. and both times had to chase every month for the rent. This time we are seriously thinking about using an agent, to vet possible tenants because we seem to be cr*p at doing it ourselves!

You must make sure that you have the correct short hold tenancy agreement drawn up, but these are available over the internet. We did a lot of research before buy-to-let and found the site https://www.landlordzone.co.uk extremely useful.

It is also worth talking to a letting agent, to check out whether there is a rental market in your area, and what potential tenants are looking for.

Good luck

flossey1970

Hi - I'm thinking of getting into the BTL market here in Northern Ireland. In Derry there is quite a large student population, and in certain areas long waiting lists for what the UK would call council housing.

I do not currently have my own mortage or own any property, but live rent free so I am seriously thinking of the BTL as the rent free won't last forever. I don't have or trust pensions and see property as a better investment. I have £12000.00 in savings and have been serching the websites for possible mortgages etc but have come up against a brick wall ??? Can anyone help :-/