‘I can’t afford a home in London – so I’m becoming a buy-to-let landlord instead’

The Telegraph have run a piece on a someone who can’t afford to buy a house, but can afford a Buy To Let.  It can be seen here (registration might be required), and she says “In London, unless you get a lot of help or you’re super rich, or you’re in a relationship and have a joint income, it’s not possible. I even looked at buying in Margate in Kent, but house prices there have gone up so much too,”

She pays £1,000 a month as a lodger in a house in Hackney. But in 2020 she also became a landlord herself. She could afford to buy in Nottingham, her home town, where she bought a two-­bedroom flat for £150,000 from her sister.

“I would never have bought it for myself to live in,” she said. “It’s a total investment.”

She has taken out an interest-only mortgage on which her monthly payments, which she has just fixed for five years, are £200. She receives £700 in rent, on which she must pay income tax, and is able to save £430 a month.

 

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