I am sometimes contacted by people who live in an area which is far too expensive for them to buy a residential home in. And so they are renting, and trying to save, but prices are so high they know they’ll almost certainly never be able to buy a home there.
But they have enough money saved up, and a good enough income, to be able to qualify for a buy to let mortgage, and so could buy a buy to let property in a cheaper area somewhere else.
Not quite the same as owning their first home, but it gets them started. It gets them onto the housing ladder.
But the question is, can they do it?
And should they do it?
What are the pros and cons?
This is the discussion I had with my very good mortgage broker.
Here’s to Successful Property Investing.
Peter
Peter Jones
(ex) Chartered Surveyor, author and property investor
https://thepropertyteacher.co.uk
PS. By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Investor’s Strategy Workshop, which is an account of how I put together my multi-property portfolio, starting from scratch and with no money of my own, and how you can do the same.
For more details please go to:
https://thepropertyteacher.co.uk/the-successful-property-investors-strategy-workshop
