Lyndon B

Registered with
Thursday 21st August 2014

Latest Comments

Total Number of Property118 Comments: 2

Lyndon B

11:58 AM, 18th January 2016, About 6 years ago

First time Buy to Let buyer looking for advice on the risks?

Hi Jake,
Firstly, well done for wanting to take the plunge and invest for your future at the right age to be thinking about it. I too was in the same position as you but just a couple of years later at 24/25.
As Neil says there are a lot of regulations and tax implications to adhere to and understand, I say the best way is to start as you mean to go on and research it until you understand the risks fully. This forum has a multitude of information on BTL, legislation and tools to help you with that. As a first time buyer landlord your borrowing options are slightly restricted - I found Natwest to be a savour in this respect so do scan the market and check their eligibility criteria now as we're a few years on. Think carefully about the area you buy in; close enough for maintenance? Any major social issues or crime? A succesful mentor once advised me "bricks and mortar cost the same anywhere, you pay for what you get in location"
Also think about the end goal, that £200 p/m "profit" could be used to roll back into reducing your borrowing during your working years, to pay for the property sooner? Lots of different strategies and options for you to look at, but keep on saving and research it over and over until you understand it to your satisfaction. Even once you've purchased, you'll always need enough money kept back to cover rental voids or repairs too.
If you want to chat more, get in touch by message I'd be happy to help if I can. I'm not a full time landlord like many of the larger more experienced on this forum, just two rental properties currently as a pension plan for the future.
Best wishes anyhow.... Read More

Lyndon B

15:06 PM, 3rd February 2015, About 7 years ago

Can I start by getting on the property ladder in the North?

Hi Simon,
Great forum to ask, I've found this resource a superb source of info for 'newbies' such as us.
I was in a similar position to you, and thankfully now own 2 BTL's at 26, hoping to purchase more when funds allow.
It's little known that Natwest are one of the only 'first time landlord' lenders that don't always require you to be a homeowner first.
There possibly are other lenders but I found Natwest to be helpful in my rare situation and it was convenient for me without any additional fees at the time
Good luck!... Read More