Can I buy another house to rent out which will pay the mortgage?

[Overseasmom100]

So I dont have a mortgage on my house (prob worth around £230,000)

I'd like to buy another house to rent (prob put my niece in it) as investment for my DS (currently 15) in the future.

Can I do this? Would I get a mortgage loan as Im 52 and DH is 59. The rent would make the repayments over time and then in time when DS is working etc, he could take on the remainder.

I agree with everything @SolitudeAtAltitude said. Maintenance costs are huge. A normal year is around £3000 per year, per house, but it's frequently more - last year it was around double that.

Now that mortgage interest isn't counted as an expense you can end up paying more tax than you actually make in profit.

Most areas now have costly licensing schemes. The removal of Section 21 will make the whole thing much more risky and if Labour get in LLs will be truly stuffed. I wouldn't advise anyone to go into it these days.

If you are going to start an isa specifically for your ds's house deposit, then get a move on.
The Help to Buy Isa which the government tops up by up to £3k will no longer be available after 30 November. After that he will have to have a LISA.

Just to add, if you own your home outright you could capital raise against that to fund your BTL purchase. This way you access standard residential priced deals rather than more expensive BTL rates (and wouldn't have lender restrictions on family members etc). DP is a mortgage broker, and it Is worth seeing someone who can look at your situation and advise best option for you.