How To Make Money Landlord

Can someone please explain how a buy to let mortgage works?

I am currently living in cheap rented accommodation whilst trying to save up enough money with my partner to get a deposit for our first home. we have saved up £7000 so far. We are no where near in a position to yet. I had an idea though, there is a property in my town ( in north-east scotland) that is fixed £65,000. Its a 1 bed flat in brilliant condition but not in the area where id like to live. So i thought maybe i could become a landlord with this property and make some cash for the future? Can anyone explain how you make money from this? If the tenant is paying £365 a month rent, then does that not just cover the mortgage? How can a profit be made? Is it a good idea for our future?
I really have an interest in property but with only £7000 in the pot, is it possible for me to make a future in this? All advice welcome!
P.S – I watch homes under the hammer every morning when im on the late shift!!! LOL

Even on Homes Under The Hammer, they issue warnings about taking care in getting into this field if you do not know about it.

With only £7,000 available to you, you are well short of the required deposit for a buy-to-let property, so you are unlikely to be able to get a mortgage to fund the purchase. The days of money being simply thrown at purchasers are now long gone.

Even if you were able to fund the purchase, you need to consider other things. You will need to fund any work that needs doing to the property and to do regular property checks. You will also have some spells when the property is empty and you are getting no income at all – although the mortgage will still have to be paid. And the mortgage will not be fixed for ever. It is likely to increase in the future and you may not be able to increase the rent to cover that.

All things considered, you would probably be better off putting the £7,000 in an ISA, some of which can now be invested in real estate through REITS. If you do not know about these, speak to an Independent Financial Adviser, who will be able to steer you in the right direction for your money.

Stop Making the Landlord Rich

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