First time house buyer looking to buy a buy-to-let

[AHouseFullOfCats]

I have around £60k in savings and a job that pays £2k a month (after tax and so on).

I live with my fiancee in his house, which he owns.

To protect myself, I'd like to buy my own house, which I will rent out.

I am a first time buyer.

From what I understand, I will not be eligible for the stamp duty waiver since I am looking for a BTL? Is there any way around this? For example, could I buy the house, live in it for a month, and then rent it out in month 2? Or is there a minimum period of time that I have to live in it?

Thanks.

You really need to be careful before buying a BTL. What happens if you have to pay a mortgage but the tenant refuses to pay their rent? Have you checked how long it would take to evict them? What about wear and tear? A friend of mine let his house to students and had to factor in so many new things each year that it just wasn't worth it for him.

Have you looked at investing in stocks and shares? It would be really worthwhile talking to an independent financial adviser before you make a decision.

You have to live in it for 6 months before you can request changing from a residential to a BTL mortgage and the mortgage company may refuse.

As far as I understand you are buying with a mortgage and you either use a buy to let mortgage which is standard for letting property or a normal residential mortgage whereas you live in it yourself and do not/ cannot let it under the terms of the mortgage
As you will be spending around max 220 -240 on the purchase the stamp will not be large anyway so why not just pay it ?

You will pay income tax on all of the rent.

A BTL mortgage is calculated not on your income (well it informs it if you are a higher rate tax payer but you are not) but on how much it will rent for

You cant let with a residential mortgage without permission.

You need a 25% deposit generally although a few are are lower.
Most are interest only- so you need to overpay significantly each month