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BTL to get on the housing ladder(?!)
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Joe C
Posted: 18 September 2021 11:52:07(UTC)
#11

Joined: 21/06/2019(UTC)
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Were I to enter BTL it would need to be:

1. An outright cash purchase.
2. In a desirable area with a sufficiently affluent demographic.
3. Preferably not a flat.

Someone I work with has several BTLs (of varying type / standard) acquired over the last couple of decades. Now she's over the 'equity hump' that will be her retirement sorted which is great - but along the way, I would have lost the will to live. It's a dreary and daily grind; an ongoing minutiae of tedium.

I think the best advice (above) is: be realistic: unless your plan is guaranteed to get you to the place you want (in London), look for somewhere else you can afford, buy, live in - and be happy.


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3 users thanked Joe C for this post.
Jones purchase on 18/09/2021(UTC), Aged techie on 18/09/2021(UTC), Tim D on 19/09/2021(UTC)
Bvlp
Posted: 18 September 2021 13:10:49(UTC)
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Joined: 17/05/2018(UTC)
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Seems like a recipe for financial disaster. So she buys a BTL in Birmingham and also has the rental costs to live in London, what if she has a problem tenant in Birmingham and has to spend years trying to evict them whilst carrying the costs of the mortgage and rent? Maybe she could explore joint ownership schemes in London...
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3 users thanked Bvlp for this post.
ANDREW FOSTER on 18/09/2021(UTC), Aged techie on 18/09/2021(UTC), Tim D on 19/09/2021(UTC)
1962
Posted: 18 September 2021 14:36:21(UTC)
#13

Joined: 24/03/2018(UTC)
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Something else to consider. According to FT Adviser "Government’s green homes initiative to cost landlords £21.5bn" The cost per property could be up to £20,000.
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Aged techie on 18/09/2021(UTC)
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