Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
I am in a need of any suggestions you may have please.
I am looking for a property for investment, mainly for capital growth but at the same time give me the rental that should cover the mortgage expenses. The sums are below:
Price of property: 310000
Mortgage rates: 2.29 tracker HSBC or 2 year tracker/fix around 2.19 or little less
Rental: 1200/ month
Service charges: 2000 pa
Property type: 1 bed
I did tried using yield calculator but there are couple of things which I wasn’t sure like mortgage rate which is of course not fixed and rental which is again not fixed so can’t get my rental yield to be exact.
I like the property and it’s very near to station and town centre. Properties in same block was sold for 320000 in April 2014 and if I go before then they were sold for 250k in 2012 and earlier.
Any suggestion if I am doing right in buying it. This is our first time in BTL so very much a possibility that I may take wrong decision 🙂 so please give me any suggestions you have based on your past experience and above numbers.
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