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RTB and selling on / letting - any experiences?
scooby75
Posts: 800 Forumite
Before I go any further, I am perfectly aware of the arguments for and against RTB and the moral issues around it, and this thread is not about that, so if you want to rant about the immorality of RTB, please start another thread.
I would like to hear from anyone who has bought their house through RTB and subsequently let it out or sold it on within the 5 year period, especially if it was a masionette or a flat.
Fed up with being unable to afford "affordable housing", private rentals and with the need to get out of here ASAP, I thought I'd see if I could take advantage of RTB, loathe as I am to do so.
Has anyone got experience of doing this?
I would like to hear from anyone who has bought their house through RTB and subsequently let it out or sold it on within the 5 year period, especially if it was a masionette or a flat.
Fed up with being unable to afford "affordable housing", private rentals and with the need to get out of here ASAP, I thought I'd see if I could take advantage of RTB, loathe as I am to do so.
Has anyone got experience of doing this?
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Comments
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Are you aware of what the constraints are if you decide to sell within five years? Once you have mortgaged the property or bought it outright I don't think there are any restrictions about letting it out apart from needing Consent-To-Let from the lender if it's mortgaged but you'll need to have a very close re4ad of your landlord's policies about that. The lender could insist that you convert to a BTL mortgage which would more closely reflect their risk.
I know you didn't ask and don't want to know but I don't think the modest discounts available now are a fair exchange for security of tenure for life. If you're not happy in your property have you investigated doing an exchange?0 -
If you hate it then any prospective tenants may do also. You would then either be left with void periods or attract the wrong type of tenant. Do you really want to chance this?
If you sell within the 5 year period you would have to pay the discount back
How many bedrooms do you have, could you downsize? you would gain more points for giving up say a 2 for a 1 or 3 for a 2 You would be able to bid for another property. It may take some time.
Homeswapper seems to be the way most LA Landlords are going and they will pay for you to join the scheme.
My local council have admitted that the bidding scheme is not working and are looking into ways of matching people up alongside Homeswapper. Good luck0
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