AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
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quote:
Originally posted by Colin
Wouldnt you have been better not to have bought the skyline if you were thinking buy to let & move abroad???
Just sell all the cars 
ptfff. thats too sensible!
The skyline and 911 will be getting kept when we're away. Wont move away for ever, just a few years. We'll keep the flat, and hopefully another flat when we're over there.
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
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quote:
Originally posted by loafofbrett
I was reading something the other day. Doesn't matter  Sorry to offend 
Reading something on my impreza, or another?
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
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Yeah, someone was writing on another forum about it.
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Fee
Member
Registered: 16th Nov 05
Location: With AK
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where?
My impreza is perfect...I'd rather sell the porsche or skyline...but they're adam's and he already has his half of the deposit
plus we can take the skyline on track when we come home for holidays
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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show me?!?!
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
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Just kiddin
It was a thread from 2yrs ago on here about buying crash repaired scoobs that you started that's all.
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
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Fee
Member
Registered: 16th Nov 05
Location: With AK
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jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
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There are a few buy to let mortgages offering 13% deposits and no redemption etc. I've got one with West Brom and another with Northern Rock, they all end up roughly the same in the end. Deposit amount won't make a huge difference to your payments unless you put down alot more.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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quote:
Originally posted by Cosmo
you only need around 5% deposit for a buy to let, and an income of around 125% of mortgage repayments IIRC.
And how the hell are you going to make money on the rental income!
Commit yourself to losing 150pm for 25 years - good move! 
I would say nearer 15% if not 20% to build up enough money to run the place. You wouldn't want to go too far above that due to the tax implications of profiting from your rental, but you don't want to run at a loss!
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jrsteeve
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Registered: 3rd Apr 02
Location: Manchester
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Missed that post about 5% etc. Thats on a residential mortgage where you can put nothing down if you want. Buy to let is minimum 13% at the mo, average 15%.
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Chris Bingham
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Registered: 30th Mar 02
Location: In Scotland
User status: Offline
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I'll rent a place off you Adam, I'm needing a flat in town.
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neoquip
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Registered: 12th Aug 02
Location: Nottm
User status: Offline
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quote:
Originally posted by AK
how much would repayments be?
15% deposit on 120k, over 20years.... repayment
buyto lets 15%-25% deposit.
the remainder will normally be on interest only payment.
ie: borrow 100k... in 5yrs - 10yrs or 25yrs you still owe 100k
you can make extra payments to get the 100k down or bang lump sums off to get the mortgage down.
banks etc like will ask that you get a 125% return.
eg, mortgage payment is £100 pm.. they want to see at least £125 pm rent.
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
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i think i'll aim for 20%... so thats 20-25k depending on price 
Rent around 500p.c.m. i think. Not too sure whats reasonable to be honest. I rented a smallish 1bdrm flat about 2yrs ago for 450 i think.
Repayments based on 5% will be 330 to 420 a month.
I'd be happy enough running it at no profit, but even 50quid to 100quid a month is good for me
Just using the property as an investment really.
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Fee
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Registered: 16th Nov 05
Location: With AK
User status: Offline
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Ideally we'd want to make some sort of profit each month....if even just a little...
just so that we're covered for unexpected costs...like replacing or fixing things within the flat....we'd want it really to pay for itself
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
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I still think buying a few cheaper ones out in the outskirts of Edinburgh is a good option :S
like so... 2 bdrm
http://www.espc.com/EspcPublic/UniversalPages/PropertyDetails.aspx?rid=228824
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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this would make a decent rent... good location!
http://www.espc.com/EspcPublic/UniversalPages/PropertyDetails.aspx?rid=228508
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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2bdrm in Dumfermline....
http://www.espc.com/EspcPublic/UniversalPages/PropertyDetails.aspx?rid=228564
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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http://www.edinburghprimeproperty.com/property/viewproperty.aspx?propertyid=899&origin=espc
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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1 bdrm + wee box room...
daft cupboard in living room, stupid layout.... good to improve on
http://www.espc.com/EspcPublicMedia/RegistrationMedia/228000/228400/228449/Particulars/228449.pdf
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CorsaLad
Member
Registered: 25th Sep 01
User status: Offline
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just remember though, if you are out of the country and intend to rent it you are probably going to have to get a managing/letting agent to do the donkey work for you. You'll have to consider the 10% they take for their services.
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John_C
Member
Registered: 5th Mar 03
Location: South east, Bromley
User status: Offline
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would stay away from studio's as difficult to let and sell on.
best bet would be a 2-3 bed house. over supply of flats and houses are always in demand whether to rent or sell. no charges with a freehold title either
my 2p's worth from sum1 who does it
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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no chance of buying a 2-3 bed house in Edinburgh
our two bed flat is valued at about £180k
flats are always in demand in Edinburgh
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neoquip
Member
Registered: 12th Aug 02
Location: Nottm
User status: Offline
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quote:
Originally posted by AK
1 bdrm + wee box room...
daft cupboard in living room, stupid layout.... good to improve on
http://www.espc.com/EspcPublicMedia/RegistrationMedia/228000/228400/228449/Particulars/228449.pdf
look at this, it gets £550 pcm its third floor flat on same road.
http://www.rightmove.co.uk/viewdetails-13559549.rsp?pa_n=1&tr_t=rent
with a 20% deposit you borrow £71200
that will cost you aprox £420 pcm
bank would want you to get 125% return = £525pcm min
remember to check if its a flat you will have ground rent (maybe £50 a year) and find out what the service charge is for the building. ie you pay a yearly fee for maintainance/upkeep of communal areas and when it wants decorating outside you'll be paying towards it.
you'll have to budget that in with the costings.
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