Buy To Let Mortgages...

I am interested in starting investing in property with a friend.

We both have about £10,000 of cash to invest so around £20,000 in total.

The plan would be to use this to get a buy to let mortgage on a property worth say around the £200,000 mark or just below then hopefully use the rent to pay the mortgage.

Does this sound sensible? What's the best way to go about finding suitable properties for this sort of investment? Neither of us have any experience in this field but are keen to give it a go and hopefully make a pension provision for ourselves.

Re : Buy To Let Mortgages

I would suggest that you buy somewhere that you know the market really well for a first property.

You should know areas around you that have this sort of property with a high turnover.

I think that's the key - picking somewhere where there is a high turnover and high demand, i.e. where properties always sell quite quickly, because this means if you need to pull out for whatever reason you have a ready exit strategy - which is basically to sell.

This limits your exposure as you don't want to be saddled with a place you can never sell if things get tough or you need the money back for whatever reason.