This week, I have just invested in my first property investment. I thought it was too good to miss out, but am not experienced, but am in a position to learn as I go along. 2 years ago, I was fortunate to win a sum of money to pay off my mortgage. My house is worth £210,000. Was going to upgrade but thought otherwise when I saw a house that I have now bought for £124,000 (definitely worth between £135,000 and £140,000 - close to me and good area). Because I paid off my house, I have had to remortgage for 15% desposit which comes to interest only payments of £96 (5 years term). The BTL mortgage is interest only £507 pcm (again 5 years term) which comes to £603pcm and I can rent it out for between £550 and £580. Is this good? At the moment these are principal only as I'm signing this week. I know this may sound silly as I don't know how to be a landlord but it was just too good for me to miss out on, I felt anyway??? Can anyone tell me if as a BTL investment I have made the right choices with fixed terms etc.. Any advice would be well received. To do the property up, I have a budget of £700 as it only needs a new bathroom and bits and pieces. I have no debt at all (well........didn't have!). The solicitors will cost just under £950. The biggest question is should I have just bought and sold or do what I have done and see how it goes for the next 5 years??? (thought 5 years would let me see if house prices contine on upward trend). Also with being a home owner, could I have got a better deal remortgaging and on the BTL Mortgage. Thank You all!