I’ve been working for four years and don’t earn enough yet to get a residential mortgage as a first-time buyer so I’m clubbing together with my brother Nick to get a buy-to-let property in Woodside Park in Barnet, north London, near where we live, for £450,000. We’ve just exchanged and hope to complete in March.
It would be impossible to get on the property ladder without joining our savings and incomes to get a deposit and loan. Taking out a buy-to-let mortgage means the rental income is factored in so we can borrow enough to buy. We decided that a buy-to-let mortgage is a better option than keeping money in the bank. The savings rates are so low and we like the idea of a
https://www.thetimes.co.uk/article/why-we-bought-a-buy-to-let-instead-of-a-first-home-wvvjcfx53
