Can I Sell, Can I Rent Out?

cd10

Hi there

i completed on a new build apartment last week and was wondering if anyone knows if i can sell it immediately? (i know some banks make you hold onto it for 6 months)

if i cant sell it for 6 months can i rent it out, problem is i couldnt get a buy to let mortgage as the deposits were too high? Will there be any major issues as im on a resisdential mortgage? if i went onto a buy to let mortgage i would be out of pocket each month by around £250 and then i couldnt afford to pay my own house mortgage!!!

Any info will be much appreciated.

dopester

cd10 wrote: »

if i went onto a buy to let mortgage i would be out of pocket each month by around £250 and then i couldnt afford to pay my own house mortgage!!!

You've just bought an apartment, but also have a house?

This problem seems like one of your own making.

BitterAndTwisted

Please do not contemplate renting your apartment without consent to let! Sometimes lenders do not always insist on a buy-to-let mortgage but will agree to you letting and will charge you a fee for it.

DO NOT CONSIDER EMBARKING ON A CAREER AS A PROFESSIONAL LANDLORD WITHOUT UNDERSTANDING ALL OF YOUR RESPONSIBILITIES AND THE POSSIBLE RISKS: AND THERE ARE MANY!
Worst-case scenario is that you never receive a penny in rent and you can't evict the tenants for months and months, so if you can't cover the mortgage yourself without the rent-income, disaster almost certainly lurks

Fire_Fox

cd10 wrote: »

i completed on a new build apartment last week and was wondering if anyone knows if i can sell it immediately? (i know some banks make you hold onto it for 6 months)

if i cant sell it for 6 months can i rent it out, problem is i couldnt get a buy to let mortgage as the deposits were too high? Will there be any major issues as im on a resisdential mortgage? if i went onto a buy to let mortgage i would be out of pocket each month by around £250 and then i couldnt afford to pay my own house mortgage!!!

Any info will be much appreciated.

So you bought a flat on a residential mortgage that you had no intention of living in? Congratulations you have committed mortgage fraud. You can't let the flat without consent to lease, and I wouldn't advise letting a brand new property short term anyway, if it gets trashed you won't be able to sell it.