We are now £10k poorer...

[Bellend]

On a serious note, how easy is it to get a house and then say get a flat buy to let?

Honestly have no idea on the financial side but say you can afford the deposit for it? Say buy a house then 2 or so years later is it possible?

A mate of mine has done it, I will ask how when I see him next however someone's told me his dads minted.

Just long term goals to think about really.

thought you got accepted for a 170k mortgage as you would know all this if you did 

I've been accepted for a 170k mortgage which I was shocked at. A friend told me that you can do it after 3 months wage slips if you have a limited company.

Just a deposit and whether I wanna do that or rent....

Sorry, must have forgotten to mention it being a second mortgage. .....


twit.

[Sam]

On a serious note, how easy is it to get a house and then say get a flat buy to let?

Honestly have no idea on the financial side but say you can afford the deposit for it? Say buy a house then 2 or so years later is it possible?

A mate of mine has done it, I will ask how when I see him next however someone's told me his dads minted.

Just long term goals to think about really.

thought you got accepted for a 170k mortgage as you would know all this if you did 

I've been accepted for a 170k mortgage which I was shocked at. A friend told me that you can do it after 3 months wage slips if you have a limited company.

Just a deposit and whether I wanna do that or rent....

Sorry, must have forgotten to mention it being a second mortgage. .....


twit.

You need a years worth of book keeping at the VERY MINIMUM if self employed. Going through all this at the moment. As for buy for let you need to be a property landlord currently with most companies wanting you to have a portfolio of 3+ houses, plus owning your current residential address. Whack on top a 25% minimum deposit and interest of 5% and you begin to see why it's only a viable proposition for experienced landlords and not average Joe, lots of messing about with figures and a hell of a lot of money to risk across your portfolio.

[dubber36]

You need a years worth of book keeping at the VERY MINIMUM if self employed.

There lies the issue for most self employed people. How many of us have healthy looking books?

[Rhyso]

Nice one Wes 

We had our statement through last month; paid off nearly 10k in 7 years. We got lucky and DIDN'T listen to the twit at HSBC who was trying to get us to fix our rates after our initial rate ended. A week later the world collapsed!!!

Got a mate who has an old tracker mortgage which currently tracks at just 0.24% above the base rate!!! Jammy fcuker 

[dTEA]

But keep an eye on this guys...the housing market is starting to recovery slightly...normally a good sign and if they do then its likely that mortgage rates will be altering as they all link back to the overall economy (still not sure if there will be any real growth in the next year tho)...if you are not in a deal, then start watching and getting ready...if we do recover it'll be sky everything again so keep the overpayments going while you can

[Bellend]

On a serious note, how easy is it to get a house and then say get a flat buy to let?

Honestly have no idea on the financial side but say you can afford the deposit for it? Say buy a house then 2 or so years later is it possible?

A mate of mine has done it, I will ask how when I see him next however someone's told me his dads minted.

Just long term goals to think about really.

thought you got accepted for a 170k mortgage as you would know all this if you did 

I've been accepted for a 170k mortgage which I was shocked at. A friend told me that you can do it after 3 months wage slips if you have a limited company.

Just a deposit and whether I wanna do that or rent....

Sorry, must have forgotten to mention it being a second mortgage. .....


twit.

You need a years worth of book keeping at the VERY MINIMUM if self employed. Going through all this at the moment. As for buy for let you need to be a property landlord currently with most companies wanting you to have a portfolio of 3+ houses, plus owning your current residential address. Whack on top a 25% minimum deposit and interest of 5% and you begin to see why it's only a viable proposition for experienced landlords and not average Joe, lots of messing about with figures and a hell of a lot of money to risk across your portfolio.

Fair enough wraps things up quite nicely.

In mine and my mates case, we're directors and employed by our own companies. It's a work around I guess.

[dubber36]

From what I understand, with buy to let mortgages, as long as you can put up a 25-30% deposit, the lenders are only concerned with the rental income covering the repayments. Many people who have rental portfolios are only paying back the interest on the loans and using the difference between rental money and repayments as income. The theory with this is, long term the value of the property will increase meaning that you it can be sold and the mortgage paid off, leaving a nice little sum. It has to be remembered that this profit will be subject to capital gains tax though.

This is all well and good providing that everything goes to plan. It's all very well being mortgaged up to the hilt on a number of properties, but at some point that money will have to be paid back. You only need a few months with a property being empty and it could all go very wrong. It's a risk you take I guess, but those that have it, didn't get it without taking a few risks along the way.

[barrym381]

On a serious note, how easy is it to get a house and then say get a flat buy to let?

Honestly have no idea on the financial side but say you can afford the deposit for it? Say buy a house then 2 or so years later is it possible?

A mate of mine has done it, I will ask how when I see him next however someone's told me his dads minted.

Just long term goals to think about really.

thought you got accepted for a 170k mortgage as you would know all this if you did 

I've been accepted for a 170k mortgage which I was shocked at. A friend told me that you can do it after 3 months wage slips if you have a limited company.

Just a deposit and whether I wanna do that or rent....

Sorry, must have forgotten to mention it being a second mortgage. .....


twit.

You need a years worth of book keeping at the VERY MINIMUM if self employed. Going through all this at the moment. As for buy for let you need to be a property landlord currently with most companies wanting you to have a portfolio of 3+ houses, plus owning your current residential address. Whack on top a 25% minimum deposit and interest of 5% and you begin to see why it's only a viable proposition for experienced landlords and not average Joe, lots of messing about with figures and a hell of a lot of money to risk across your portfolio.

Fair enough wraps things up quite nicely.

In mine and my mates case, we're directors and employed by our own companies. It's a work around I guess.

directors of which company 

[VW BUSH]

Most people just buy a "flat" and pretend to live there while renting it out until they have enough property that they can,
A, do it properly with the right mortages and paperwork
B, Sell it all off avoiding taxes and other costs and ride into the sun set

Buy to let is a get rich quick scam for scum bags for the most part.

Sore point for me

[dubber36]

Most people just buy a "flat" and pretend to live there while renting it out until they have enough property that they can,
A, do it properly with the right mortages and paperwork
B, Sell it all off avoiding taxes and other costs and ride into the sun set

You could just buy a flat and rent it out, but where do you live in the mean time? Unless you are mortgage free on the house you live in, the lenders will know that it's a mortgage for a second property.