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Almost Purchased My First House.
Comments
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x12yhp wasn't getting at you, he was questioning how former_student could possibly know what sort of position you were in.
Why buy to let, rather than keeping saving till you want to buy a place to live in? BTL can work out very expensive - voids, maintenance, rates, problem tenants etc can all eat into your bank balance. You haven't answered all the questions I asked earlier in the thread btw, they were intended to give you food for thought (just trying to be helpful
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Oh and p.s. it is good form to thank people when they respond to your thread
I do plan to move into the house in the long run, however I want to lease it out originally so that I have some money coming in, I feel I was lucky to get the house at the price I did due to the previous owner being deceased and his family were only too willing to sell the house. I did put a bid on the house opposite which was smaller and needed a lot of work done however they refused to consider any offer below 130K.0 -
Well, shaz77, you do seem to have thought things through so I wish you all the very best of luck.
Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
eBay sales - £4,559.89 Cashback - £2,309.730 -
I do plan to move into the house in the long run, however I want to lease it out originally so that I have some money coming in, I feel I was lucky to get the house at the price I did due to the previous owner being deceased and his family were only too willing to sell the house. I did put a bid on the house opposite which was smaller and needed a lot of work done however they refused to consider any offer below 130K.
Also you can look into "consent to let" which can be done in short term. although not sure if the banks over here do it, or if they are preconditions such as living in house for 6 months first. but might be worth asking an adviser. otherwise if you don't get a BTL mortgage but rent it out, you're in breach of the terms and conditions of the mortgage. hope that made sense!MFW 148 - Mortgage £121,000 1Jan11 / Mortgage £120,300 28Jan11 / £119,808 24Feb11 / £119,400 22 April11 / £119,089 29 May11 / £118,500 October110 -
thriftyminx13 wrote: »Also you can look into "consent to let" which can be done in short term. although not sure if the banks over here do it, or if they are preconditions such as living in house for 6 months first. but might be worth asking an adviser. otherwise if you don't get a BTL mortgage but rent it out, you're in breach of the terms and conditions of the mortgage. hope that made sense!
Fair point, however if the OP owns at least 50% of the house, then surely they will have a strong sway on what it is used for?0
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