Taking a big risk sinking savings into a buy to let
Can anyone advise me on how to go about searching for a buy to let for up to £125k?
Asked on Aug 12 2015,
General in London |
Register on all portals such as Zoopla and with agents in the areas you are looking in. You should speak to an IFA even if you don’t need a mortgage to find out all the pros and cons.
Best of luck.
Answered on Aug 17 2015,
When it comes to investing in property you have to keep your costs as low as possible which includes your mortgage costs.
Why make life difficult by making monthly payments that are higher than need be.
I would recommend always going with an interest only mortgage
True you can release equity to the property with a repayment mortgage but the costs will be high every month because you are paying the interest as well as the actual price/value of the property.
the true money investors make is through remortgaging the property. With an interest only mortgage, the tenant is paying the mortgage plus gaining a little bit of profit for yourself. give it 1-2 years and then you can remortgage the property based on its actual value to date. the property value will go up and you will receive a lump sum that you can invest into another property. To make most profit always try to get a property below market value so you can make more money through this method. Please read more about Remortgaging first before taking action as its quite a delicate method.
check out my blog for more info: http://realestateforyouallc.ipage.com
Answered on Sep 7 2015,
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