worralla1
Member
Registered: 12th Jul 11
User status: Offline
|
I am fortunate enough to have some money available to me at the moment ,not a massive amount but enough to want to do something with it .
I am thinking about buying a student let property in nottingham and wondered if anyone on here owns student let property ?
What do people think about this type of investment ,for me the figures add up and returns are good
Just looking for input really be it positive or negative
|
Rob_Quads
Member
Registered: 29th Mar 01
Location: southampton
User status: Offline
|
If your going into student lets make sure you budget for your house to be trashed once every few years.
|
spencer88
Member
Registered: 6th Oct 08
Location: cornwall
User status: Offline
|
Take a deposit that is large enough to cover replacement of a basic carpet, doors and repainting.
Also buy to let generally requires 25% deposit.
Then with student lets you need to contact your local colleges, Uni's etc as they will have landlord schemes, with certain criteria you need to meet. I think this requires internal fire doors, fire alarms, fire checks, carbon monoxide detectors and other things like this.
|
dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
|
quote:
Originally posted by spencer88
Take a deposit that is large enough to cover replacement of a basic carpet, doors and repainting.
Also buy to let generally requires 25% deposit.
Then with student lets you need to contact your local colleges, Uni's etc as they will have landlord schemes, with certain criteria you need to meet. I think this requires internal fire doors, fire alarms, fire checks, carbon monoxide detectors and other things like this.
+1
But once you jump through all the hoops you will be singing all the way to the bank, the house I rented out as a student was £275 per room x 3 rooms so £825 a month for a shit condition 3 bed terrace, which on the private rental market would have taken max £500 a month
|
spencer88
Member
Registered: 6th Oct 08
Location: cornwall
User status: Offline
|
quote:
Originally posted by dannymccann
quote:
Originally posted by spencer88
Take a deposit that is large enough to cover replacement of a basic carpet, doors and repainting.
Also buy to let generally requires 25% deposit.
Then with student lets you need to contact your local colleges, Uni's etc as they will have landlord schemes, with certain criteria you need to meet. I think this requires internal fire doors, fire alarms, fire checks, carbon monoxide detectors and other things like this.
+1
But once you jump through all the hoops you will be singing all the way to the bank, the house I rented out as a student was £275 per room x 3 rooms so £825 a month for a shit condition 3 bed terrace, which on the private rental market would have taken max £500 a month
Yep!
Look at it this way:
3 bed house may be worth (for example) £600 to a family.
3 students will prob pay £300 a month each for it.
|
Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
|
quote:
Originally posted by spencer88
Also buy to let generally requires 25% deposit.
.
as a minimum and the Fee's are massive, i looked at it and they were about 4%
|
spencer88
Member
Registered: 6th Oct 08
Location: cornwall
User status: Offline
|
Or you just don't tell them 
|
Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
|
quote:
Originally posted by Toby
quote:
Originally posted by spencer88
Also buy to let generally requires 25% deposit.
.
i looked at it
quote:
Originally posted by spencer88
Or you just don't tell them
|
spencer88
Member
Registered: 6th Oct 08
Location: cornwall
User status: Offline
|
 In reality I think it is stupid that they require that much.
I looked at doing it whilst living with parents. They said still needed 25% even though my earnings were 3/4 times the mortgage (spare cash) and I had a tenant lined up!
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
quote:
Originally posted by spencer88
Or you just don't tell them
and then get the house re-possessed for irregularities
woudl expect that BTL depos are more like 40% given 25% is now about std-ish for a normal mortgage 
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
quote:
Originally posted by spencer88Look at it this way:
3 bed house may be worth (for example) £600 to a family.
3 students will prob pay £300 a month each for it.
Granted but that family will undoubetdly be less trouble than 3 students who wont look after it, clean it, maintain it etc and are less likely to pay on time etc. probs more profitable but much more hassle, so you need to be rpepared for it.
|
John
Member
Registered: 30th Jun 03
User status: Offline
|
Loads of 10% mortgages about now Robbo.
|
Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
|
quote:
Originally posted by Robbo
quote:
Originally posted by spencer88
Or you just don't tell them
and then get the house re-possessed for irregularities
woudl expect that BTL depos are more like 40% given 25% is now about std-ish for a normal mortgage
I can send you a BTL mortgage proposal from Feb thats 25% if you want.
Also i wont get repossed if i considered doing that ( ) all that happens is my mortgage would increase by 1% on the interest for the duration of the rental, but i get 6months free anyway, again if i were to do it ()
quote:
Originally posted by John
Loads of 10% mortgages about now Robbo.
Sounds about right, 25% was in when i bought 2 and half years ago. I think Lloyds are even doing a 5% but a family member/relative has to put £20k into a savings account for minimum 5 years i think
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
quote:
Originally posted by John
Loads of 10% mortgages about now Robbo.
Really?? I should have looked to buy then 
|
James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
|
I got 90% LTV about a month ago. They are common, not great interest rates though.
|
Fro
Member
Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
User status: Offline
|
Mate of mine bought a flat recently on a normal mortgage, its no where near his place of work.
He phone mortgage co and said that he cant move into it atm as he will lose his job position (not true but the commute would be ££££) and they agreed to change it to a buy to let mortgage without having to pay any extra. Has to be reviewed each year but the person he spoke to said it would be fine and they nearly always get the go ahead upon review time.
|
