chr

i know this is a car forum but with the amount of pleople that come one here thought i'd just ask if anyone knows anything about buy to let mortgages
a house round the corner from me has come up for sale as a vacant repo for £75000, other houses on the steet have been going for between £100-£110000. from me little bit of research has found that this 3 bed semi could get between £450 and £475 per month rent(similar rents in the area)
so, what do i need to know? i know i will need a tenent, mortgage, and buildings insurance.
plus if it go's tits up would it affect my house that i have a mortgage on?

Cheers, Chris

dannyblackpool

can you afford deposit??? will be high in current climate....

Pray to god you get a good tenant, i have a good one touch wood, my olds got shafted royally, had an agent taking care and lost over 2 months rent from non paying and tenant eventually did a flit once court proceedings began (which take forever) and had to kick door down as had changed locks and the house was well and truly trashed. Had references and was fine for 6 months before hand.

Someone i used to work with had a tenant in his old house in stafford from where he lived before meeting his missis, couldnt get tenant out after not paying rent, even went to court for harrasment!! so he couldnt go to house, They gutted it of all wiring,central heating and pipework and floor boards upstairs and down....

Thats an idea of how bad it can be, my worst problem is i only make £10 a month because im on fixed rate Grrrrrrrrrr

Psycho Warren

iTrader: (5)

if its that cheap then it needs a fair bit of work doing to it to make it livable id guess!! Banks dont flog repo's off for pennys any more!!

B13 JUS

iTrader: (24)

you will need a 25% deposit for a buy to let mortgage. i've just bought another house on a buy to let and got a 5.5% interest rate on a repayment mortgage

neilscott83

Fuck me 75k? Where's that iraq? As said make sure you get good people in there I rent my flat to a mate always good if you know them.

chr

cheers for the replys chaps, it dosn't look too bad, i've not veiwed it but from the pictures i've see it needs the gardens sorting out and not really much else, and no its not on iraq, its just an ex council house on a council estate, but most of them are bought. can't get the deposit together anyway it would seem without re-morgageing my house so i think i'm going to wipe the idea like a dirty arse.
Cheers again,

Chris

rashmi002

Hello, i am rashmi.If you don’t like the idea of having to keep track of savings over the course of the year, you might use income tax returns to help you to make up the difference. For many people, the amount that they receive in their tax returns is significantly more than their mortgage payment. While you may have at least some of your tax money earmarked for specific purchases or to pay off other debts, using part of that money to make the equivalent of an extra mortgage payment once per year can significantly reduce how much you owe. If you can afford to contribute more than just the amount of one payment or if you use this in conjunction with the savings plan mentioned above you can pay off your mortgage even faster.
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st3v3

spammer alert!!

rashmi002

Should you worry that you can’t keep yourself motivated to keep making these extra payments, you might consider using a bi-weekly mortgage service. These services automatically withdraw one half of your mortgage payment from your checking account every two weeks, and then make your payment for you when it comes due. The system works similar to the paycheck savings plan mentioned above, but since you have an outside company doing the work for you all that you have to do is make sure that you have the money in your account to cover the withdrawals. Though the services do charge fees to cover their costs, the amount that you save in interest payments will be significantly more than what you pay to the service.
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Advicemortgages.com

Chip

iTrader: (3)

I really hope rashmi dies of aids.

s2turbsZVH

+ 1 - anoying prick !!!

Rashim - chatting boollox like a fkin "chatting bolllox talking shite prick"