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ryanking

FTB BTL/HMO Queries

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Hi,

I am a new member here a have a few questions!

For a bit of background - I am 22 years old and have never had a mortgage/house before. My family are based in Hertfordshire and I am currently working in London and living in East London.

I am interested in owning a buy-to-let as soon as possible, cash flowing some money for me each month, with aspirations to have a large property portfolio - primarily buying BMW, doing light cosmetic work, then trying to get my money out and recycle that cash for another deposit (or so I hope!). I nearly have enough for a deposit, but I would have to buy further up north as prices would be too expenses for me down south. I went to university in the midlands so that could be a good compromise for an area I know decently well, as well as being cheaper than houses around me. 

The questions I have are:

1. Is it better to buy my own house first, and make use of the H2B ISA and paying no stamp duty? (But of course this will set me back a few years on owning my first BTL?).

2. If I did opt to buy a BTL before owning my own home, would it be near impossible to get a decent rate on a mortgage being a first time owner and first time landlord? What rate could I realistically expect?

3. Silly question, but if I was going to purchase a house in the midlands with the goal of renting it out, if i did use a H2B ISA and paid no stamp duty, how long do I have to live there for me then to be able to rent it out?

4. I lived in a student area in the midlands and know that HMOs are more lucrative. Is it silly to buy a HMO as my first purchase? Would it be difficult to even get a mortgage for a first time owner and landlord who wants a HMO?

Sorry for all of the questions. Thanks for any help in advance - any help or guidance is greatly appreciated!

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