1st time buyers, BTL, any suggestions?

Dekazer

Thanks for looking up that link, I'll have a browse

vectistim

kingstreet wrote: »

Warden controlled housing of the type you are discussing tends to be provided by charitable trusts, such as Bethh Johnson. They have taken on the title "registered social landlord" and this is why I use the social housing tag, albeit only loosely.

I'm not familiar with builders/developers taking on such a role. They would normally build for such providers, or sell such property to the HAs, rather than making them available directly.

I would certainly expect the lease to such property to specifically prohibit sub-letting.

Here's a link to Housing 21's ownership page;-

http://www.housing21.co.uk/housing/buying-your-home/

for you to read further.

I presume its a McCarthy & Stone type property you are considering, in which case, I don't believe there's any restriction on sub-letting (as long as the minimum age criterion is met), and it doesn't come under the social housing umbrella (although I believe there are similar social schemes). For my grand-mother it was probably a good move, as an investment it was pretty rubbish compared with the rest of the housing stock. Certainly the running costs are expensive, but then what do you expect when you have a warden on call for c. 40 people?

The_J

Mrs_Z wrote: »

I think your idea is bonkers. Why would you want to burden yourself with a place that it potentially very difficult to sell and has high service charges? Equally, you need to find out how a BTL lender would like your suggestion that you'd let the property to a relative and not charge any rent (!) Usually for BTL properties the rental income must be 125% of the mortgage payments. BTL is a business, not something you do as a favour to your relative.

Have you checked out what local housing associations have on offer? Sometimes there are no waiting lists at all for sheltered accommodation and many even allow pets. And if I'm not wrong, I think your grandmother could even claim for housing benefit if she came to struggle with her rent at any point (depending on her savings of course).

I hope your children treat you with equal disdain when you get old. If I were you I'd keep a shotgun under the bed to end it all before you go cuckoo.

This isn't a BTL, it's a home for a dependent relative. You have a little bit of knowledge but zero wisdom.

getmore4less

Dekazer wrote: »

Good afternoon all,

I have a rather niche question and thought I'd try it out on you lot, having completely stumpted my bank's mortgage adviser.

We are a couple in our 30s with a joint annual income of around £55k p.a. We currently live on a boat that we own, and have reasonably small outgoings. We have some debt, but nothing major.

We have no desire to move into a land-house at the moment, but we also feel it would be sensible to buy a flat before my husband turns 40. We had an idea that made logical sense to us, but doesn't seem to please the bank, sadly. If anyone has any alternative ideas/suggestions/personal experiences I'd be really interested in hearing them.

We had hoped to buy my grandmother a warden-controlled flat for about £125k, using as a deposit some of her savings (about £20-30k). We wouldn't charge her any rent, as the monthly repayments would be less than we currently save each month.

So, does anyone i) know of away of getting a BTL mortgage as a FTB, ii) have any alternative suggestions from your own experience or iii) want to confirm that the only way we can buy a place is if we are willing to live in it?

Thanks MSE-ers

Fix the debt