First time buyer

[kinkladze10]

Saved up some cash for a deposit, spotted a decent newish apartment going for 60k all Im going to do is rent it out. How much deposit will I need, where is the best place to go bank,mortgage company? Mortgage type? I have no idea where to start, Obvioulsy it's a big decision and I don't want to jump into something which is shit because I have done no research. Any help would be much appreciated.

 

[Manchester1894]

Why not live in it yourself?

 

[squirtyflower]

Money supermarket will give you the latest deals on mortgages

You have to pay a bigger deposit and a higher rate of interest with a buy to let

 

[kinkladze10]

Haha I live at home (only for the last year or so) I want it mainly as an investment. I'm then going to try to save another deposit.<br /><br />-- Sun Oct 09, 2011 11:03 am --<br /><br />

Money supermarket will give you the latest deals on mortgages

You have to pay a bigger deposit and a higher rate of interest with a buy to let

Just been on there reading up, so if I have to pay more for a buy to let. Could I just get the mortgage and say I'm going to live in it, then after a couple of months just rent it out?

 

[denislawsbackheel]

It isn't illegal

BUT

They could foreclose on the mortgage of they found out or at least move your mortgage to a BTL one.
Don't forget you get tax relief on the interest payments of a BTL mortgage.You won't get it on a mortgage for a place you live in.

 

[tweetstreet]

I think you can 'live in it' for a few months to prove that you can afford to pay the mortgage if u didn't have a tenant and then ask the mortgage company if you can rent it out.

You'll probably need 25% for a buy to let mortgage and some mortgage companies have a lower limit of what they lend I.e. £70k in some instance I think

 

[Manchester1894]

Read this and take heed:

<a class="postlink" href="http://www.thisismoney.co.uk/money/mortgageshome/article-1596759/Ten-tips-buy-let.html" onclick="window.open(this.href);return false;">http://www.thisismoney.co.uk/money/mort ... y-let.html</a>

 

[Bill]

Saved up some cash for a deposit, spotted a decent newish apartment going for 60k all I'm going to do is rent it out. How much deposit will I need, where is the best place to go bank,mortgage company? Mortgage type? I have no idea where to start, Obviously it's a big decision and I don't want to jump into something which is shit because I have done no research. Any help would be much appreciated.

my advice, don't do it, buy a terraced house instead.

 

[wayne71]

Saved up some cash for a deposit, spotted a decent newish apartment going for 60k all I'm going to do is rent it out. How much deposit will I need, where is the best place to go bank,mortgage company? Mortgage type? I have no idea where to start, Obviously it's a big decision and I don't want to jump into something which is shit because I have done no research. Any help would be much appreciated.

my advice, don't do it, buy a terraced house instead.

I would agree with that.

 

[squirtyflower]

Saved up some cash for a deposit, spotted a decent newish apartment going for 60k all I'm going to do is rent it out. How much deposit will I need, where is the best place to go bank,mortgage company? Mortgage type? I have no idea where to start, Obviously it's a big decision and I don't want to jump into something which is shit because I have done no research. Any help would be much appreciated.

my advice, don't do it, buy a terraced house instead.

i'd agree with this
there are plenty of empty flats, and they only appeal to a small part of the market