# First time buyer



## rich-hill (May 13, 2008)

Hi All,

I'm just looking up my options, i feel the odds are against me.

I have around £15,000 I can invest, but unfortunately my salary is only around £15,000.

This isn't enough to find a decent size 3 bed house.

But what is the procedure for buying to let? As their are several flats/apartments in my area for about £60-80,000 which can yield £450 per month.

Any ideas welcome,

Rich


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## Garym85 (Apr 18, 2010)

Generally lenders look for around 10-15% of the mortgage value as a deposit. After that it is very much down to your salary- and more importantly your income vs outgoings. 

Buy to let is a great idea but unfortunatly due to the risk of not occupying the property they see it very much as high risk and you will need probably 20% upwards as a deposit and a lot more disposable income.


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