8:14 AM, 15th November 2013, About 8 years ago 34
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.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleCastle Trust Equity Loan Finance
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|