Is buy to let an option?

poppy10_2

SquatNow wrote: »

I'de highly recommend you buying a BTL property.

Mainly because anyone considering BTL is just a greedy sociopath, and deserves to lose all their money.

So anyway, I recommend you buy a new-build riverside flat in Leeds, ideally off-plan. In fact, if possible, buy 2.

LOL, that's the first post of yours that I've actually enjoyed, Squat.

OP, don't forget to go for a 125% mortgage such as the Northern Rock "Together" option. Then you will have up to £30,000 to spend on a new kitchen/bathroom or even a well-deserved holiday and new car. And try buying with a friend - you know it makes sense. :rotfl:

Oblig Homer Simpson quote: "In case you can't tell, I'm being sarcastic!"

subjecttocontract

Is buy to let an option?

NOT for you.

Phirefly

The best investment you can make is in yourself. My house is a liability, not an asset. If I had a wedge lying around now, I'd use it to put myself on courses, advertise my freelance services and leave my day job sooner rather than later. Every spare penny I have goes into my Phirefly Fund. I know once I can commit 100% to my business, the skys the limit, and I won't be ratching around harebrained BTL schemes to make ends meet. If you've the same confidence in the freelance service you're planning to provide, you'd do the same. Good luck with it

Selling_Up

Is there something you're not spelling out here?
Looking at the two of you as a household unit, by far the best use of your money in terms of return would be in paying off your partner's debt.
I paid off my partner's debt in a previous relationship, and don't regret it even though we subsequently split up. It felt like the right thing to do.
Is there a reason you aren't contemplating this?

electricemma

Selling_Up wrote: »

I paid off my partner's debt in a previous relationship, and don't regret it even though we subsequently split up. It felt like the right thing to do.

I've had to work hard to get to where I am, without help, and made it my prioroty never to get into debt. My partner lived beyond his means. I'm not a charity.

electricemma

And to be fair to him, my partner would never let me pay off his debts.

poppy10_2

My partner won't let me pay off her overdraft either. It's annoying as I could easily cover it out of my savings, yet she continues to rack up interest and charges out of pride.

Selling_Up

electricemma wrote: »

I've had to work hard to get to where I am, without help, and made it my prioroty never to get into debt. My partner lived beyond his means. I'm not a charity.

Fair enough.

It sounds a bit different to my situation - my partner had fought like hell to get a degree as a mature student despite physical disability that would have had a less self-reliant person living off incapacity benefit.

The debts were related to her degree, which I admired her for having done. I was happy to pay them off.

But in no sense had she lived beyond her means, quite the reverse.

Bf109

electricemma did you ever, like, go to school and like, learn how to add and subtract and stuff?

izzybusy23

electricemma wrote: »

I have enough money saved up for a deposit on a property, but my partner has about £10K in debts on Creadit Cards and Overdrafts. My income from work is likely to drop a little soon as I will be setting myself up as a freelancer. I was wondering whether it would be a good idea to use my savings as a deposit on a buy to let mortgage and to use some of the income from the rent to pay the buy to let mortgage and to go towards my own living costs. We currently rent. I'm just looking for a way to make the most of the money I have saved up rather than just spending it to live on!

What I would really like to know is why every tom, !!!!!! and harry think just because they have a few grand stashed away they are the next big BTL landlord.

Get real, the market is falling, or do you really not know about the world around you??? :mad: