buy to let mortgages

[Shellywoozle]

Anyone got a property they rent out ?

I am looking into gettin a buy to let mortgage to enable me to buy another house, is this the correct way to go or can I get a normal mortgage..... what us the difference.

I may be tempted once I have bought the new house to move into it and rent mine out..... undecided. Has anyone got any experience in this stuff, is it worth the hassle.

I don't think I will get as much rent to cover the mortgage but its an investment and since my mortgage is not worth peein on I figured property is a security blanket for the future

Shell, you won't get such a good deal on a 2nd mortgage as what you would on your original one.
Buy to let mortgages are more expensive these days, me and Clair want to look into ourselves in the new year.

Friends of mine that have houses they let out tend to go to interest only mortgages or part repayment type ones to keep the monthly payments low which makes the house self sufficient which is what you want.

Go see an independent mortgage advisor, they can save you a fortune and my one got me us a deal that wasn't advertised by the lender.

If you get a wrong un renting and they cause damage, you might find the insurance is invalid if you have the wrong mortgage Shell. If you do it the housing market is right at the moment to get the most for your money. U aint gonna lose out anyway, prices can only go up. If you are looking at a longer term investment your on a winner

Sorry Shelly but I hate the idea of buy to rent mortgages.
It pushes people out of the housing market because prices go up as more people take property off the market just to rent it to somebody who can't get a mortgage due to excessive prices.
Not going to get into a heated debate, just my penny's worth.

[Bri w]

Done it a couple of times. Its hard work but probably the best investment. You'll need to tell the building society if you intend to rent the property out.

As for tenants and the problems they can cause; our current tenants are brilliant but the one we had in the previous proprty... we sold it to him and two weeks later the drug squad raided it.

Make sure you have the right insurance in place.

[maviczap]

Might be pretty hard to get a Buy to Let in the current climate, banks aren't that keen to lend at the moment

Lots of folk got their fingers burnt in the mortgage free for all, when banks gave away mortgages like sweets

Plus I agree with Electro, get wrongun's in then causes you financial stress

[maviczap]

Originally Posted by Bri w

As for tenants and the problems they can cause; our current tenants are brilliant but the one we had in the previous proprty... we sold it to him and two weeks later the drug squad raided it.

Make sure you have the right insurance in place.

Yep, don't rent to any Vietnamese guys or anyone interested in indoor horticulture, like the house down the street from mine.

It was raided and they found 2 Vietnamese in the Kitchen, whilst the rest of the house was filled with green vegitation.

Its still empty without tennents, thats over a year without rent coming in.

Originally Posted by maviczap

Plus I agree with Electro, get wrongun's in then causes you financial stress

I got a great way of sorting that though. Can empty a property in 45 mins, tenants, belongings, everything
A mate of mine has had a few issues with a couple of his but always sorted out the removal with no issues.

Never assume that having working tenants will be a safer bet either, i have seen plenty of rented property in shocking condition with working tenants living in them.
Another guy i know will only take tenants that are 40 or above due to previous issues with younger people.

[maviczap]

Originally Posted by Electro

I got a great way of sorting that though. Can empty a property in 45 mins, tenants, belongings, everything
A mate of mine has had a few issues with a couple of his but always sorted out the removal with no issues.

Never assume that having working tenants will be a safer bet either, i have seen plenty of rented property in shocking condition with working tenants living in them.
Another guy i know will only take tenants that are 40 or above due to previous issues with younger people.

Yep, its not their property, they couldn't give a stuff what they do

[Shellywoozle]

Cheers guys I will look into it with financial bods.

Furry ginger one, see where u r comin from but I am doing it to secure my future, I am not doing it to push people out the market. I am doing it for personal reasons, one bein its the semi attached to my current house and I can vet the tenants and I have been lookin to do this for a while.

It's just been renovated and its in the price bracket I can afford.

Sure whoever wants it will pay the right price and win