Please help me with my BTL dilemmaMake Text Bigger
This is my first question and will not be the last so please treat me easy.
I am trying to venture into the BTL market. We have our home (mortgaged) and saving of about 20K. I playfully pressed buttons on my bank and I got 15K transferred to my account yesterday (we both have very good credit rating).
My Brother in law has turned up recently in this country and started working in the Milton Keynes area. He cannot buy a house yet so I am thinking about buying one and renting it to him. He is OK with this and is not expecting any freebies. He plans to stay here in this country for at least 3 years so I’ve got guaranteed rental income for 3 years.
I am looking for a property around 160K, I will press some buttons for my wife to get 15k more from the bank and put it as deposit to get mortgage, and let to my brother in law.
Thoughts and worries:-
1. we live in Bristol (2.5 hours drive for the property visits.)
2. I am scared of losing our current home in case all goes pear shape, I dont want sleepless nights
3. mywife but she thinks the money is safe when it is in the savings
I dont want great returns but if I get some it will be great for my kids uni in 10 years time.
Can I go ahead with this.
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