First time buyer

[law74]

I would be very wary of buying a property at the minute unless it was to live in as I think the price of property will continue to fall for at least another year (unless it is somewhere that has a special set of circumstances, like a new tram link arriving soon etc).
If you buy now and the price drops by 10 % in the next twelve months, would your rental income cover the #6,000 loss in revenue?
Also as has been said, a three bedroom mid terrace housewill normally be easier to rent out as it will appeal to new families as well as the single mum, or bloke starting out on their own, recently seperated bloke etc.
But at least you are taking advice and looking at the potential pitfalls rather than jumping in blind.

 

[squirtyflower]

I would be very wary of buying a property at the minute unless it was to live in as I think the price of property will continue to fall for at least another year (unless it is somewhere that has a special set of circumstances, like a new tram link arriving soon etc).
If you buy now and the price drops by 10 % in the next twelve months, would your rental income cover the #6,000 loss in revenue?
Also as has been said, a three bedroom mid terrace housewill normally be easier to rent out as it will appeal to new families as well as the single mum, or bloke starting out on their own, recently seperated bloke etc.
But at least you are taking advice and looking at the potential pitfalls rather than jumping in blind.

arguably, whilst house prices are dropping, rents are rising due to the lack of availability of mortgages
its always swings and roundabouts, but as long as the rent taken in covers the loan and other incidentals such as maintenance and insurances you are on a earner

 

[BlueHubert]

I have been looking into doing the same thing. THought about something near Etihad or possibly in Levvy, which is where I live, but just not sure how to go about it.

Reckon that from a 2 up 2 down for about 60k I could get 400-450 a month. That would cover the mortgage with some left over. What do others think about up and coming places or safe bets.

Also looked at auctions but this is something I have no experience of and am not happy about getting into something without having a bloke look at it etc...

Already own a property in Levvy and in about a year we could get the money together to put down a deposit, not a big one but just enough.

What do people think about the potential pitfalls, price falls, tenants torching your place or simply not paying the rent...

 

[Tuearts right boot]

Best off finding a mortgage broker,they will find a way.If you're renting it out the mortgage co.will need 'proof' that the rental income will be 120% of the mortgage.Not to sure about the size of deposit,used to be 10% but would probably be more nowadays.Obviously the bigger the deposit the easier it will be secure the mortgage.

 

[denislawsbackheel]

according to today's Sunday Times no BTL mortgage supplier will consider anyone without a deposit of 25% plus.

 

[foley87]

if anyone is considering buying/selling and needs help advice whether its about the market or mortgages, give me a shout.

youd be helping a blue out

rick

 

[leighton]

The banks are so fucking tight with giving out the money compared with years gone by when they would of given you a 100% mortgage. Now if only they were so tight back then the banks wouldnt be in the shit they are now.

Buying houses now would be the best thing but the hardest thing. You will need a couple of grand in your bank and a stable job. Even if you do have all of that then there is still a chance that they will still turn you down.

 

[mancitymick]

As a couple have said get a terraced property. With two beds you will get a decent return in the rental market

 

[kinkladze10]

I think your right about buying a terrace, does anybody have a new apartment which they rent out, if so is how's it going. I might hold tight and carry on saying for another year is there a big difference in interest rates the bigger the deposit rather than a smaller one. Also some people I know had there fees added onto the mortgage is it better to pay them first to avoid less interest? I know I sound like a noob, I've read stuff on moneysupermarket, just sometimes good to get some advice of people who have been there and done it etc.

Heres the apartment I'm not going for it, may get a terrace?

<a class="postlink" href="http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=9585406" onclick="window.open(this.href);return false;">http://www.findaproperty.com/displaypro ... id=9585406</a>

 

[mancitymick]

I think your right about buying a terrace, does anybody have a new apartment which they rent out, if so is how's it going. I might hold tight and carry on saying for another year is there a big difference in interest rates the bigger the deposit rather than a smaller one. Also some people I know had there fees added onto the mortgage is it better to pay them first to avoid less interest? I know I sound like a noob, I've read stuff on moneysupermarket, just sometimes good to get some advice of people who have been there and done it etc.

Heres the apartment I'm not going for it, may get a terrace?

<a class="postlink" href="http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=9585406" onclick="window.open(this.href);return false;">http://www.findaproperty.com/displaypro ... id=9585406</a>

Bigger deposit better rates however you may save up another year but the rates may have risen and house prices could of also. End of the day sooner you are on the property ladded the better. Also if you can get a terrace the student rental market means a better return than just the one family in