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where to invest 30 k? buy to let in London?

(11 Posts)
letterenvelope Mon 15-Jul-13 13:05:19

live in London and buy to let would be a manageable since my DH is a handymen person - so fixing/ troubleshooting etc would be no problem. Also, i a couple of years, if we decide to move to a better area for schools, I could sell that btl and have money for settling in a area whith good secondary schools. is it s good plan?

ThinkAboutItTomorrow Mon 15-Jul-13 13:06:53

where in london can you buy for £30k?

LazyMonkeyButler Mon 15-Jul-13 13:08:34

My first thought was that you generally need a higher deposit for BTL mortgages & would 30k be enough in London?

Hopefully someone more knowledgeable will come along soon to advise though....

Does 30k cover just the deposit by the way, or would some of that be needed for potential refurbishment?

LazyMonkeyButler Mon 15-Jul-13 13:12:55

A quick google has just shown that BTL mortgages are generally up to 75-80% loan to value max.

Working on a 75% mortgage with a £30k deposit, that would make the property value £120k wouldn't it?

Is that possible in London?

letterenvelope Mon 15-Jul-13 16:01:34

one bedroom flat or studio. I can stretch to £40 k

utopian99 Fri 26-Jul-13 02:43:37

If you're willing to consider outside London I'd go btl I'm Manchester. £30k will get you a good size student house in the better areas and yields are typically 7/8% there as opposed to 5% in London..

londonrach Fri 26-Jul-13 18:07:29

Buy to let have pushed the price up too high for first time buyers. 30k get you nothing in London. If you can live with the fact the you stolen a home from someone I'd advice you look outside London to the other cities.

Willow33 Wed 31-Jul-13 22:13:57

Go for somewhere in London - location is everything. Even in the surrounding areas are better than buying up north - think capital growth. However think longer term to see growth.

specialsubject Sat 17-Aug-13 20:30:49

love the idea that buying a place for someone to live in is 'stealing a home'.

making money from property is not a crime.

Chippychop Wed 21-Aug-13 18:08:02

Stealing a home- tosh! People have done it for year and will continue to do it....Look at a btl as a capital investment.. When/if you sell in a few years you are virtually guaranteed to have increased your investment.

Look in London - on the outskirts.

londonrach Mon 16-Sep-13 14:03:04

It is stealing a home.......we have been trying to buy for over two years. We have morgage, deposit etc set up. We could move within a month. We have almost got to exchange twice than a buy to let person swoops in and our home is gone. Then we see our potential home up for rent. Its heartbreaking. I know of at least two other couples who have been going through the same problem. I suspect some agents are taking back handers in london but no proof.

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