I am not sure if this is the right area, but you guys seem like you know what you are talking about, so I will try here first!
I am currently working in Africa as UK registered paramedic for a UK company, in that respect my earnings are tax free. In past 18 months I have saved and brought my first property.
It is one I live in and will be renting out 2 of the rooms shortly, as I am away with work most of the time it makes sense. I live in the south east and brought the property for 320k, 15% deposit, mortgage of 272k as a sole first time buyer. (scary I know! but it is brighton) I expect to make 1k per month through letting the rooms, but can make the repayments on the mortgage with or without letting the rooms. It is so I can get a feel for letting and tenants etc as well as providing income.
I know that in the UK I will never earn the amount I am earning now as a paramedic, so I intend to have a side buy-to-let profile going on eventually and then return to work for the NHS. I intend to save for the next year again to build up enough (20%) deposit for my first-buy-to-let property, probably around the 200k mark for a 2 bed flat as these are in demand renting wise in the city.
I don't really understand the whole buy to let process?
Do people generally save up the deposit for a buy to let property or do they remortgage their current residential house? I suppose what I am getting at is how people have one property, then get another and another etc without selling the first as I cant imagine rent in one year will equal enough deposit for the next property while simultaneously paying the monthly mortgage repayments on the first?
If any of you have any advice, or books that I should read so I can gain some advice with how this process works it would be appreciated. I am a real novice and don't know anyone who has done this before, people I have asked for advice have been very protective about how they have made their portfolio or money and so I don't want to end up making rookie mistakes if it can be avoided.
Many Thanks in advance.