jaffa
Member
Registered: 27th Mar 00
Location: Stoke-on-Trent
User status: Offline
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Anyone got an experience of this? Rather than buy to let its letting out the current property to buy elsewhere.
Looking at selling up and moving to a larger house. Got a fair bit of equity in the current property which would form the deposit for the next place. I have been put on to the let to buy idea so keep mine to rent then purchase the next house.
Will book in with my current providers (Britannia) on Monday and have an independent adviser coming next week but would be good to here if anyone else has been through it.
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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I've got 4 flats across 2 buy to let mortgages-you can come up and take a look at any time Paul
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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Infact, I'm working on one tomorrow if you're free
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jaffa
Member
Registered: 27th Mar 00
Location: Stoke-on-Trent
User status: Offline
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How do Rich, how are things?
I would appreciate that, gonna struggle tomorrow but some other time would be good. When usually suits?
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gtitim
Member
Registered: 13th Feb 05
Location: the boonies
User status: Offline
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In this situation at the moment. We have a new place, mortgage in place, and are renovating it. Our current place is on the market but not selling, so I have looked into this. I am with Halifax for my old place, and have to apply for a 'consent to lease' which allows me to rent it out. The apr is a little higher than a standard mortgage rate, but it means I effectively own two properties, both on repayment mortgages, one of which is being paid by my tenant. If I cant get a better rate than offered at present (5.79%) on the consent to lease, I will have to pay a bit towards the mortgage above the rental income, but in 25yrs when my mortgages end, I will have two houses and have effectively only paid for a small % of the second one myself
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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We've split two end terraced three storey town houses into two 1 bedroom flats each with the ground floor bing a smaller flat with bedroom at the front leading into a living room, galley kitchen and bathroom with shower. The entrance into the ground floor is round the back of the property accessed via the side entrance and obviously the ground floor gets the yard and outside store.
The upstairs is spread over two storeys, the bedroom is the entire attic space making a fairly healthy sized room and the middle floor is a bathroom, kitchen and living room. Entrance is gained off the street with a staircase upto the first floor. Income on our's is £75 pw for ground floor and £90pw for upstairs
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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Paul, I put a few photos on FB the other day of the flat that's nearly finished. Details are on there. I want it renting out by May 01st so if you want to pop over and have a look, any time between now and then would be good. The other three flats are occupied so difficult to show you round but this one is empty at the minute.
http://www.facebook.com/media/set/?set=a.10152734921060392.1073741825.717965391&type=1
[Edited on 17-04-2013 by LiVe LeE]
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