The Property Podcast
ASK449: Do I have enough cash to invest? PLUS: Are these brokers good enough?
Oct 8, 2024
Rob & Rob tackle the tough choices of property investment with a focus on limited budgets. They weigh the pros and cons of buying cheaper properties in the North versus saving for a higher-end option. Additionally, they discuss the critical factors in selecting a mortgage broker for buy-to-let investments, emphasizing the value of specialization over local expertise. This insightful dialogue provides guidance for those starting their property investment journey.
07:20
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Quick takeaways
- Investing in property with a £15,000 deposit in the North is possible, but careful financial planning and savings are essential to account for unexpected costs.
- Choosing a mortgage broker who specializes in buy-to-let is crucial for navigating unique lending challenges, regardless of their geographical location.
Deep dives
Investment Considerations in Northern UK Property
Investing in property in the northern UK could be feasible with a £15,000 deposit, but it requires careful financial planning. The typical requirement for buy-to-let investment is a 25% deposit, which translates to a £60,000 property before considering additional costs like solicitors' fees and stamp duty. Given potential expenses, the realistic purchase value may drop to around £50,000, which often correlates with the least desirable properties due to low demand. It's advised to save more before investing, as having greater funds will provide a buffer for unexpected maintenance and tenant issues, ultimately leading to a more positive investment experience.
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