First time buyer

[ayia napa blues]

U say its a big decission but your asking for advice off people off here who no nothing about u ha that funny.
Basically u need a buy to let mortgage min u wil need is 10% if u want a good rate mortgage u need 15%

It u got the balls to do it good on but be care ful 60k sound cheap so am guessing it's a shut hole area so check people do actually want to rent it that area

 

[johnmc]

U say its a big decission but your asking for advice off people off here who no nothing about u ha that funny.
Basically u need a buy to let mortgage min u wil need is 10% if u want a good rate mortgage u need 15%

It u got the balls to do it good on but be care ful 60k sound cheap so am guessing it's a shut hole area so check people do actually want to rent it that area

Now this is funny

 

[kinkladze10]

U say its a big decission but your asking for advice off people off here who no nothing about u ha that funny.
Basically u need a buy to let mortgage min u wil need is 10% if u want a good rate mortgage u need 15%

It u got the balls to do it good on but be care ful 60k sound cheap so am guessing it's a shut hole area so check people do actually want to rent it that area

I think you may have misunderstood my post and the topic, in a way you could call it advice and in another why you could call it hints and tips, thoughts and opinions (which is what I'm looking for) when I get advice it will be through a trusted independent mortgage advisor. I understand people don't know me, I'm asking about mortgages and rates etc. Hope this helpes you.

 

[SWP's back]

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

But don't usually bother paying any capital.

So long as the rent is 120% of the monthly mortgage payment you're good to go. (so long as you have 15% plus deposit)<br /><br />-- Mon Oct 10, 2011 6:14 pm --<br /><br />

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.

But he won't be living in it so he will get tax relief.

Just because he tells his mortgage company he lives there doesn't mean that he has to tell the revenue that same lie.

Just remember that income is charged at 20/40% depending on your earnings after allowable expenses. You will need to declare it.

 

[mancitymick]

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

But don't usually bother paying any capital.

So long as the rent is 120% of the monthly mortgage payment you're good to go. (so long as you have 15% plus deposit)

-- Mon Oct 10, 2011 6:14 pm --

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.

But he won't be living in it so he will get tax relief.

Just because he tells his mortgage company he lives there doesn't mean that he has to tell the revenue that same lie.

Just remember that income is charged at 20/40% depending on your earnings after allowable expenses. You will need to declare it.

Always thought you were the richest fan amongst us :) Think SWP is good for advice, well except for Munich taxi journeys!

 

[kinkladze10]

Thanks for the feedback. Guess my next step wil be a mortgage adviser.

 

[kinkysleftfoot]

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>

I own a lot of property and have a property investment company PM me and I wioll help you out

 

[denislawsbackheel]

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

But don't usually bother paying any capital.

So long as the rent is 120% of the monthly mortgage payment you're good to go. (so long as you have 15% plus deposit)

-- Mon Oct 10, 2011 6:14 pm --

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.

But he won't be living in it so he will get tax relief.

Just because he tells his mortgage company he lives there doesn't mean that he has to tell the revenue that same lie.

Just remember that income is charged at 20/40% depending on your earnings after allowable expenses. You will need to declare it.

But I managed to "lose" enough from a grand a month rental income what with allowances etc so that there was no income tax at all for years.

 

[SWP's back]

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

But don't usually bother paying any capital.

So long as the rent is 120% of the monthly mortgage payment you're good to go. (so long as you have 15% plus deposit)

-- Mon Oct 10, 2011 6:14 pm --

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.

But he won't be living in it so he will get tax relief.

Just because he tells his mortgage company he lives there doesn't mean that he has to tell the revenue that same lie.

Just remember that income is charged at 20/40% depending on your earnings after allowable expenses. You will need to declare it.

Always thought you were the richest fan amongst us :) Think SWP is good for advice, well except for Munich taxi journeys!

I love a good taxi me.

 

[Thenumber1blue]

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

Also agree with this,i've seen round here some people pay over £150.000 for apartments,now the odd one is worth £85,000. If you get a terraced house and get it for a decent price by seeing whats been for sale for a good length of time,then i'm pretty sure it wont decrease in value.