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Hi everyone, this is my first post and I have not yet got any properties etc, I am just planning to save some money up to someday start my career off as a landlord. I really want to save up £20,000 within the next two to three years (I've worked it out and can do it.) And then I would like to purchase a cheap but sturdy flat to rent out at £70,000.

 

I've heard that there are mortgages where you're not required to live in the property, called 'buy to let' however in the UK, I can't find ANYTHING! 

 

Does anybody have any general advice for me or know a company of which I can get a buy-to-let mortgage to achieve my goals? I just feel it would enable me to obtain the flat faster and I know of someone who is currently doing buy-to-let and after paying the agreed monthly repayment sum, has some £ spare. However I have no contact for this person to ask them, they're not close with me, just a relatives friend.

 

Thank you.

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Afternoon Jadely98, 

 

Buy-to-let mortgages are a very well known and standard mortgage product to get in the UK, I'm very surprised you are having a hard time finding them. All major banks provide them as well as a lot of specific buy-to-let lenders for residential and limited company mortgages. 

 

To find a lot of them in one place and compare the different products, this is a good website: https://www.moneysupermarket.com/

 

Everything else with your plan of saving £20k and then investing in a few years sounds good to me. 

 

I hope all that helps. 

 

Cheers

 

Phil

 

 

 

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1 hour ago, Phil Brown said:

Afternoon Jadely98, 

 

Buy-to-let mortgages are a very well known and standard mortgage product to get in the UK, I'm very surprised you are having a hard time finding them. All major banks provide them as well as a lot of specific buy-to-let lenders for residential and limited company mortgages. 

 

To find a lot of them in one place and compare the different products, this is a good website: https://www.moneysupermarket.com/

 

Everything else with your plan of saving £20k and then investing in a few years sounds good to me. 

 

I hope all that helps. 

 

Cheers

 

Phil

 

Hi Phil, thank you so much for that link, I will save that for future use. I've not long been researching property development etc so I don't know quite what to search, but thanks to you i'm on the right track.

 

I would also like to thank you for your comment on my savings plan. It's nice to have confirmation from someone who knows about the subject. 

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