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  • New Members

    Student wanting to get started in BTL

    Thank you for your help!

    I have recently spoken with a recommended mortgage advisor who was very helpful and have decided to continue learning about BTL whilst saving for my first purchase hopefully at the end of next year. The advisor had told me I would be able to get a loan if I had a 25% deposit. I would be able to save around £10k by next year and want to purchase a home at £90,000. I’m not sure how I will be able to finance the remainder of the deposit and was wondering if you could advise me.

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    Hi Malika,

    I'm assuming you do not already own your own property?... in which case do this first before you even think about BTL

    When you do buy a home to rent out don't start by renting out rooms to multiple tenants, as Vanessa says get a good property and rent to a good family.

    As Vanessa says stay away from the Snake Oil salesmen (and women) on YouTube and FB, they will only bring your pain and make you poor.

    I would suggest you complete your degree, get a good job, buy your own house and, when you have enough "buffer" put aside, think about getting into BTL the right way.

    Good luck and I hope your degree goes really well. Best wishes : Dom  

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    Hi dom,

    thank you for your well wishes and rightly assumed I do not own a property currently. I do think renting to a family for my first BTL would be the wise option and will pursue this when I have saved enough to finance it.

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    Are your parents willing to act as guarantors? If so look at student mortgages from Cumberland building society or Loughborough. The people saying it's best to live in the house and rent out rooms are right for a lot of reasons. My daughter is doing exactly this. She was going to get a student mortgage with Cumberland but then we worked out that it was much cheaper to take out  a mortgage on our family home so she could buy the student property outright. She is renting out three rooms to friends and living in the other one and the rent will pay our mortgage. In five years time the plan is she will remortgage the student house in her own name, pay off the loan on our family home and there will be equity to start her property business. So far all is going to plan.

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