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Buy-to-let advice needed! Buy-to-let advice needed!

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Old 03-11-2011, 06:04 PM
Junior Member
  
Join Date: Nov 2011
Posts: 1
Question Buy-to-let advice needed!
Hello all.

I have always been interested in property and would like to know whether I am in a position to consider taking on a buy-to-let property.

I am 25 years old and currently own my own home in Wandsworth, London worth £230k. The mortgage I have on this is c.£130k. I have spoken briefly with my bank about buy-to-let mortgage and apparently, I could use my equity to get a buy-to-let mortgage as well, enabling me to purchase a property up to the value of c.£200k.

I am currently in full-time employment and am thinking that as a starting point it would be sensible to start with one property, which is more or less ready to let out immediately. Ideally I'd love to be able to do this full time but I don't know how one property can develop into a full-time job.

This is about as far as I've got so would appreciate any advice on where to go from here. HELP!

Thanks!
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