S
swoldy
New Member
Hi, I've had enough of my day job and like many others I want to get into property rentals - been toying with the idea for serveal years and its now or never.
But how do you do it?
The banks want 25% deposit for a buy-to-let mortgage and to be self suficiant I need at least 20 properties at 6-8% yeild. I have £150K if I re-mortgage to get the buy-to-let mortgage deposit together but this will only get me 3 x £200K properties in the south.....am I missing something, or do I buy up north? Is there a way round you can use a property already buy-to-leted (if thats is a word) as security on your next property.
Sorry I know this common sense to you all...its not for me!!
Thanks in anticipation of any replies.
But how do you do it?
The banks want 25% deposit for a buy-to-let mortgage and to be self suficiant I need at least 20 properties at 6-8% yeild. I have £150K if I re-mortgage to get the buy-to-let mortgage deposit together but this will only get me 3 x £200K properties in the south.....am I missing something, or do I buy up north? Is there a way round you can use a property already buy-to-leted (if thats is a word) as security on your next property.
Sorry I know this common sense to you all...its not for me!!
Thanks in anticipation of any replies.
