James
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Registered: 1st Jun 02
Location: Surrey
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Poor effort Jamie
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Jamie Walby
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Registered: 15th Nov 04
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Its not funny cos its true.
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--Dave--
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Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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Jodi_the_g
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Registered: 7th Aug 01
Location: Washington D.C
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thats not fair jamie.
He has freinds its just the banks do not count imaginary ones on mortgage application forms.
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Jamie Walby
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Registered: 15th Nov 04
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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quote:
Originally posted by a_j_mair
just get a normal mortgage and dont mention buy to let. buy property, let it out. rent should near enough cover mortgage. good investment
good idea in principle but to get a residential mort 9 times out of 10 you need to prove your income where as anyone can get a BTL even students 
but as its been mentioned most lenders will only lend up to 80% of the value of the property
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James
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Registered: 1st Jun 02
Location: Surrey
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quote:
Originally posted by Kerry
quote:
Originally posted by a_j_mair
just get a normal mortgage and dont mention buy to let. buy property, let it out. rent should near enough cover mortgage. good investment
good idea in principle but to get a residential mort 9 times out of 10 you need to prove your income where as anyone can get a BTL even students
but as its been mentioned most lenders will only lend up to 80% of the value of the property
Well I won't be a student when I come to getting the mortgage 
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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the best time to have a buy to let has gone now, as house prices arent going up like they used to be.
By the time you take costs out your not going to be making much profit unless there is another big jump in house prices...which isnt due!
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John
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Registered: 30th Jun 03
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But if you can cover the mortgage with rent you are making a massive profit.
Say you had the house till the end of the mortgage you have made as much as the house is worth ?
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James
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Registered: 1st Jun 02
Location: Surrey
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TBH i'm not doing it for profit, as long as the rent covers my mortgage then thats enough as I will be on the ladder of dreams 
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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BTL mortgages are a very popular investment
Like john says if you rent the prop out the rental income pays the mortgage for you so at the end of the term you have a nice mort free prop you can sell and retire on the lump sum
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John
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Registered: 30th Jun 03
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Thought I was missing something glaringly obvious there.
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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yeah, but your talking about a 25yr investment to make that sort of money, which not many people tend to keep them for. Plus dont forget that over all these years your responsible for all the upkeep which is a load of money.
The vast majority make money by the value of the house rising, which is why over recent years BTL mortgages have become so populer. But considering these arent expected to rise too much for a while now there are probably better investments out there for the 20% down payment you would have to use.
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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People also use equity in the prop to purchase further properties ultimately aquiring a BTL portfolio
Its deffo the way forward for a sure fire decent bloody pension
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Fee
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Registered: 16th Nov 05
Location: With AK
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Kerry....is there any other sort of mortgage you can get in addition to another mortgage that you have
what i mean is...can you get a second mortgage which isn't a buy to let mortgage?
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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do you mean a second residential mortgage????
if so yes but your income will need to cover both mortgages
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Fee
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Registered: 16th Nov 05
Location: With AK
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cool....
just that me and a friend have been speaking about buying somewhere to do up and sell on....
we both have mortgages though, and didnt really want to get a buy to let if it was possible
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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sounds a good idea if you can get the mortgage 
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sparkywrex
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Registered: 27th Oct 06
Location: Wrexham, N.Wales
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everytime i get paid i put £400-500 in a savings account i cant touch till i reach a certain age thats how im saving up for my deposit, ok sometimes wen the lads go out for a beer or two i usually have to grin and bear it and stay in coz they have hardly no money spend it all on booze at weekends. occasionally i will join them for few pints but if you want things in life you have to make small sacrifices
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Colin
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Registered: 4th Apr 02
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Whats the deal with a BTL mortgage with regards of being able to get further lending for another mortgage?
For example if I was to change my current property (currently have around 60% positive equity in it) to a BTL, get a letting company involved to get someone moved in & then go seeking a joint mortgage for me & jade.
Would the BTL be looked at favourably by lenders?
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Colin
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Registered: 4th Apr 02
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quote:
Originally posted by Cosmo
the best time to have a buy to let has gone now, as house prices arent going up like they used to be.
By the time you take costs out your not going to be making much profit unless there is another big jump in house prices...which isnt due!
Shame there still climbing a year on mate, up avg 15% up here! 
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
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Colin...
Just leave your mortage as is, or renew as a residential one..
Then apply for a new joint one, and if they ask about your current mortgage... say you will be selling.
Then simply dont sell.
That what we've done... got two normal mortgages just now.
oh... be aware of capital gains.
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Fee
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Registered: 16th Nov 05
Location: With AK
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a buy to let mortgage isnt' usually taken into account when looking at other mortgages
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Colin
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Registered: 4th Apr 02
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Good idea Adam, look into that.
How will capital gains affect it? I thought it came into play on larger amounts? Flats not worth that much, 70k or so.
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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quote:
Originally posted by Colin
quote:
Originally posted by Cosmo
the best time to have a buy to let has gone now, as house prices arent going up like they used to be.
By the time you take costs out your not going to be making much profit unless there is another big jump in house prices...which isnt due!
Shame there still climbing a year on mate, up avg 15% up here!
Depends where you are...as I said its not rising like they used to be and some places have experience a period of zero growth, and especially now with the current financial climte it wasnt far wrong.
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