Is this idea a possibility?

Feanor

Hi,

My and my OH live in Surbiton (near Kingston upon Thames in Surrey). We are just planning on starting to look for our first place to buy here, hopefully around about £220-230k with a 5% deposit. This will be ok for us on our current salaries, but they are going up all the time anyway.

I am due to inherit about 25k when a house sale goes through, and wondered what to do with it. I started thinking about a buy to let back home where i am originally from, Grimsby, Lincolnshire. Houses are very cheap and i have a whole load of family to help me. It could be anywhere within reasonable distance of my family really. Although the rental market isn't booming as such, but them im comparing it to London so! Do you think this is a good idea, and would it be posible to do this after we have got our intial mortgage for where we live now? Are you allowed to even have two mortgages?

Thanks to anyone who can advise.

x

MortgageMamma

Yes what you intend to do is more than feasible - have you thought about taking professional advice on the buy to let? there is quite a lot of responsibility attached to being a landlord and a good adviser can hold your hand throughout the process. You will typically need a 10-15% deposit

Feanor

Thanks, thats good to know it is possible.

I will obviously do lots of research on everything i need to before i take the step and will sek professional advice.

I would probably rent the place through an egency for ease of mind, but also my family back home would be more than willing to help out.

Thanks again x

MortgageMamma

Apart from getting tenants in, agencies are not much cop for anything. If you have family to help why not appoint on of them for a local contact and then use a home emergency cover policy to deal with emergenices?? They are really cheap and also cover the annual gas safety check, if you want me to explain this to you let me know and I'll give you more details, bt I do not sell them, just htought I better clarify that!