I want to invest some money in property to rent out, does anyone know how it work.............
Also is it a good time to buy investment property with the market being so high xxx UK based
2007-03-14 10:42:17 · 4 answers · asked by xXx Orange Breezer xXx 5 in Business & Finance ➔ Renting & Real Estate
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2007-03-14 10:50:26 · answer #1 · answered by wonkyfella 5 · 0⤊ 0⤋
You don't need a 20% deposit - Mortgage Express do buy-to-lets with a 15% deposit. They look at the rental income rather than your income. Your best bet is to go through a mortgage adviser as they will know all the best deals at the time.
2007-03-14 18:14:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Different lenders will lend you a percentage of the potential rental value. You normally have to provide proof from a letting agent to your mortgage company of this before they will give you the mortgage. Many lenders also impose conditions e.g No students, no dss etc. It's worth shopping around and do loads of research.
2007-03-14 17:48:31 · answer #3 · answered by Anonymous · 1⤊ 0⤋
you need at least 20% deposit. and as i found to my cost you only need a couple of months without tenants a big hefty repair bill. then there's the insurance, agency fees. put me right in the red. unless you like to gamble or have the money to buy several buy to let, and remember house prices can go down as well as up. i wish i had invested my money in Bulgaria. could of bought one outright and even if i never rented it out. it would of been a nice holiday home for the family
2007-03-14 17:59:28 · answer #4 · answered by valda54 5 · 0⤊ 1⤋