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  1. #1

    Buying my first house

    I currently live in a terraced house with my partner, which he owns outright (mortgage fully paid off).


    The house next door in the terrace is up for sale and I want to buy it.


    This will be my first ever house purchase, and I have got my deposit for the mortgage. I also have a permanent contract of employment.


    I would like to get a buy-to-let mortgage, rent the house out for around 8 years, and then begin using it.


    I was wondering if anyone could give me a list of all the things I will need to do, to attempt to buy it, and also if anyone sees any potential pitfalls with this plan, please let me know.

  2. #2
    The potential lenders available for you can be counted on one hand.
    It's important to find out what the potential rental income may be and then a broker will be able to advise you based on your situation and the rental income, which lender(s) you could use.

  3. #3
    Large enough for a BTL mortgage?

    Have you crunched the numbers? Is letting a viable proposition taking into account void periods, maintenance, interest and of course tax.

  4. #4
    If you to get a BTL, is the house next door the best proposition?

    Some prospective tenants will walk away rather than have their LL watching their every move; others will take advantage of it and be knocking at your door every time there's a minor issue with the property.

  5. #5
    If you to get a BTL, is the house next door the best proposition?

    Some prospective tenants will walk away rather than have their LL watching their every move; others will take advantage of it and be knocking at your door every time there's a minor issue with the property.

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