Making the figures stack up!
Other

Member
Member
0 Thanks
1 Posts
16 years ago
0
I am new to this, I have rented my house out to tenants over the last year while I moved into my girlfriends house. I have now decided to become a landlord on a more serious level. I have £60,000 equity in my house and have decided to remortgage my house with a buy to let mortgage. The aim is to buy another property and rent this out to. My house is worth £125,000 and I have been offered a 2 year fixed rate deal for £102,000 the repayments are £461.40 per month. My Buildings and Contents insurance is £21 per month. Then I have the cost of electrical and gas tests every year and wear and tear on the property. My tenants pay me £495.00 per month. I have so far marketed the property myself so havent had to pay any letting agents fees. If I buy further houses I would probably use an agent to market them. This is my question, as the figures stack up I am paying more money out than income coming in. Do I walk away from this deal or continue hoping to recoup quite small losses at the start in the following years.

Please Login

You must be logged in to participate in our forums, to continue please login below.

Not a member? From only £99 you can join in the discussion and get access to member's only resources and services.

As the home for landlords, the NRLA are here to help you save time, save money, and stay compliant. NRLA membership gives you access to a vast range of expertise, resources, and exclusive member benefits and savings, designed to help and empower members. We also play a pivotal role in campaigning and championing the interests of landlords.