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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.BTL help 1st time...
moonandi
Posts: 1 Newbie
hi all..
i'm thinking of going into the BTL market. I have around 15% as a deposit and am looking for a house in birmingham. Just wondering if someone could help me. I have just graduated and in a professional job. I am living at home so don't have any expenses....so just had a few Q's...
- Is it legal to go for a residencial mortgage and put down a 5% instead of a BTL mortgage where i would put down a 15%. Then ring up a few months later saying I want to rent the property out???
- What are the downfalls of doing this???
- I am thinking of buying a residencial property next year, so how would this tactic affect me???
- Does anyone know any good areas in birmingham to rent out a property???
Thank you...any help would be kindly appriciated. :rotfl:
i'm thinking of going into the BTL market. I have around 15% as a deposit and am looking for a house in birmingham. Just wondering if someone could help me. I have just graduated and in a professional job. I am living at home so don't have any expenses....so just had a few Q's...
- Is it legal to go for a residencial mortgage and put down a 5% instead of a BTL mortgage where i would put down a 15%. Then ring up a few months later saying I want to rent the property out???
- What are the downfalls of doing this???
- I am thinking of buying a residencial property next year, so how would this tactic affect me???
- Does anyone know any good areas in birmingham to rent out a property???
Thank you...any help would be kindly appriciated. :rotfl:
0
Comments
-
I would urge you to be very careful. Of course you can apply for a residential mortgage; however, 1 of the conditions of the mortgage would be that you live in it. If you tell the lender that you are renting, they either will not give you permission to do so, or they will increase your rate of interest.
I recommend that you give it some serious thought. Also, find out about the pitfalls of renting out your property.Before doing something... do nothing0
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