Comments on: Would Rental Income Help Qualify For A Loan http://www.mortgagetonight.com/2009/01/would-rental-income-help-qualify-for-loan/ Mortgage Information Fri, 03 Apr 2009 16:56:57 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Demolition http://www.mortgagetonight.com/2009/01/would-rental-income-help-qualify-for-loan/#comment-537 Demolition Thu, 12 Mar 2009 13:50:16 +0000 http://www.mortgagetonight.com/?p=184#comment-537 If you already have a property and you need a second loan for a rental property you can get a buy to let mortgage. The companies who do these type of loans have a slightly higher rate of interest, but if you have a job and a steady salary you can get started in the investment business this way. You would need to put down about a 20% deposit, and you can secure the loan with any other properties you may own. Because rental properties provide a level of residual income, you can set up such a business in your spare time. Once you have a number of properties up and running which pay for themselves (it takes about 6)you will find there will be enough profit to provide a certain level of income. However the real money is made when you sell a property for a profit and use that to re-invest in your company. Roger Davies If you already have a property and you need a second loan for a rental property you can get a buy to let mortgage. The companies who do these type of loans have a slightly higher rate of interest, but if you have a job and a steady salary you can get started in the investment business this way. You would need to put down about a 20% deposit, and you can secure the loan with any other properties you may own. Because rental properties provide a level of residual income, you can set up such a business in your spare time. Once you have a number of properties up and running which pay for themselves (it takes about 6)you will find there will be enough profit to provide a certain level of income. However the real money is made when you sell a property for a profit and use that to re-invest in your company.
Roger Davies

]]> By: Rae Davies http://www.mortgagetonight.com/2009/01/would-rental-income-help-qualify-for-loan/#comment-499 Rae Davies Fri, 13 Feb 2009 15:12:18 +0000 http://www.mortgagetonight.com/?p=184#comment-499 I have been doing buy to let properties for about 10 years now and I have found it is best not to have a mortgage of more than 1/2 the value of the property, because if you do then all you are doing it working for the bank. When the credit crunch bites it is nice to know that even with the lower rents offered, they are still covering the mortgage repayments and someone else is paying for your house for you. As I have no secure income for my old age, buy to let has been a good investment for me to secure some form of pension when I get too old to work. (That will be when I am about 85 years old!) I have been doing buy to let properties for about 10 years now and I have found it is best not to have a mortgage of more than 1/2 the value of the property, because if you do then all you are doing it working for the bank. When the credit crunch bites it is nice to know that even with the lower rents offered, they are still covering the mortgage repayments and someone else is paying for your house for you. As I have no secure income for my old age, buy to let has been a good investment for me to secure some form of pension when I get too old to work. (That will be when I am about 85 years old!)

]]> By: James http://www.mortgagetonight.com/2009/01/would-rental-income-help-qualify-for-loan/#comment-464 James Tue, 20 Jan 2009 23:35:36 +0000 http://www.mortgagetonight.com/?p=184#comment-464 Even if it is just for a year it would be considered a buy to let property so that means the rates would be equal to that of any buy to let? Even if it is just for a year it would be considered a buy to let property so that means the rates would be equal to that of any buy to let?

]]> By: yanjiaren http://www.mortgagetonight.com/2009/01/would-rental-income-help-qualify-for-loan/#comment-458 yanjiaren Tue, 20 Jan 2009 23:13:03 +0000 http://www.mortgagetonight.com/?p=184#comment-458 Ah this is good news as my Sister has a buy to let property but she herself wants to move into a bigger house. I will definitely let her know about this. <abbr><em>yanjiaren’s last blog post..<a href="http://ptcclickcorner.blogspot.com/2009/01/newsflash-get-1000-free-shares-before.html" rel="nofollow">Newsflash: get 1,000 free shares before they all go!</a></abbr></em> Ah this is good news as my Sister has a buy to let property but she herself wants to move into a bigger house. I will definitely let her know about this.

yanjiaren’s last blog post..Newsflash: get 1,000 free shares before they all go!

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