Renting a property as going travelling

jabeckett15

hi,

I am currently trying to decide if i want to buy a place or rent.

I currently can afford to get a 90% mortgage however i intend to go traveling in 3 years time. I had thought that i might buy a property to live in for the next 3 years and then aim to rent it out while i travel for a couple of years.

Does anyone have any experience of renting out a property? Are mortgage lenders happy to allow this? If i had to sell the property after the 3 years as i couldn't rent it is there any potential financial issues i might face (apart from the risk that the property value falls below the purchase price)

Cheers All

dimbo61

This is such an open question and we know nothing about you !
Have you got a good job which might mean moving to different parts of the country or even abroad?
Are you a saver or a spender?
Have you got a 10% deposit and money to pay fees.
where are you looking at buying and is there a good rental market in the area.
Is it cheaper to rent than buy
So many question and you need to do the research.
What would happen if you went to say Australia and fell in love with the country and a girl/boy and wanted to sell in england

cashbackproblems

I would definately buy and build up that equity rather than waste money on rent, especially as 3 years is a long time, if it was a year or less it wouldnt be worth the hassle. Most lenders will allow you to rent as your circumstances change, and even over them few years your away you will have your mortgage being paid off, if you decide to stay out there whats stopping you selling the house or even keep it rented out, if you use a letting agent they will sort eveyrthing out for you e.g. finding tenant/paperwork/rent collection etc for a small fee.