Considering buy-to-let...

herbiesjp

@ Theogirl

You should never put all your eggs in one basket - but we know nothing about the OP.

Your risk profile may be the same as the OPs, it may well be different.

The OP asked if it is possible - the correct answer is yes.

Whether it is wise to do so, or indeed feasible for the OP to do so can only be assessed upon full investigation of the situation.

I have not told him to go one way or the other - I have told the OP to get professional advice to see if the option is at all open to them in the first instance, and then at that point they can decide on the next move.

anewman

With posts like this it's no wonder the house market is a mess and is full of pointlessly overpriced properties few can afford.

Theogirl_2

Agreed I don't know anything about the OP other than what they chose to reveal. But they asked for opinions I didn't realise only professional ones counted. I'm going to back away from this now as it really isn't that helpful for the OP or very nice for me.

VIGILANT22

angel.cake wrote: »

Here we go again.....

excellent contribution........:)

Gorgeous_George

£690 per month for a house worth £185K is madness. It will be years before the numbers would stack up and only then if rents increase year on year.

Sell it and save yourself the hassle. If you want to BTL then buy to let (rather than NSTL (not selling to let)). Buy a house with the full intention to let it out. Only then will you do so in a business-like manner.

GG

angel.cake_2

VIGILANT22 wrote: »

excellent contribution........:)

I would hate to disappoint.....

Jonbvn

Personally, I think what the OP is considering is far too high risk, since their income is insufficient to cover any serious set-backs like void periods or a nightmare tenant.

The mortgage advisers saying that it is feasible, appear to be turkeys voting for Xmas!

herbiesjp

Jonbvn wrote: »

The mortgage advisers saying that it is feasible, appear to be turkeys voting for Xmas!

That did make me laugh :rotfl:

See how things get clouded?

What I have said is, a LTB is possible. The OP was asking if it was possible to keep their property and buy a new one.

The answer is yes, in theory it is possible to do so.

I then say that to find out whether it is possible or even wise for the OP to do so they need to speak to a professional to discuss in great detail.

This scenario has so many facets to it, that you could not possibly look at every angle on a board like this.

Telling somebody something is possible is a million miles from telling someone to do it - and as stated before I have not told the OP to go either way, simply inform themselves before taking the decision.

Is informing themselves a bad idea? If it is then this whole website must be a bad idea?

And I still vote for Xmas - gobble gobble:eek: