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Buying a cheap house while renting

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Comments

  • bigmaz
    bigmaz Posts: 1,251 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Cautious_Optimist wrote: »
    A 65 year lease reducing to a 55 year lease after 10 years, is a bit more than a "risk"...

    Well thats fine, and its something you are just assuming, and something I will be looking into, so its not as if you are stating facts....
  • Cautious_Optimist
    Cautious_Optimist Posts: 345 Forumite
    bigmaz wrote: »
    Where do you get that from?

    The fact that your savings don't cover a deposit for the house you currently live in.

    You also said you couldn't afford the residential mortgage repayments on your current house, were you to buy it.

    Many people find that mortgage repayments are less than rent on the same house.

    And you mentioned interest rate rises on your own residential mortgage, but not on your proposed BTL mortgage...
  • bigmaz
    bigmaz Posts: 1,251 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Cautious_Optimist wrote: »
    The fact that your savings don't cover a deposit for the house you currently live in.

    You also said you couldn't afford the residential mortgage repayments on your current house, were you to buy it.

    Many people find that mortgage repayments are less than rent on the same house.

    And you mentioned interest rate rises on your own residential mortgage, but not on your proposed BTL mortgage...

    Sorry, but what are you on?? Why am I living beyond my means because I don't have £17k in my bank?

    Many people might find that yes, but not everyone's situation is the same. As i have already said, in our case. Mortgage payments would be a lot more than our rent is on the house.
  • Cautious_Optimist
    Cautious_Optimist Posts: 345 Forumite
    bigmaz wrote: »
    Sorry, but what are you on?? Why am I living beyond my means because I don't have £17k in my bank?

    Many people might find that yes, but not everyone's situation is the same. As i have already said, in our case. Mortgage payments would be a lot more than our rent is on the house.

    From what you have said so far, it sounds like you can't afford to buy the kind of house you want to live in.

    Regarding the plan to become a LL, I would view the flat, speak to your bank manager and come back to the forum with more information.

    Good luck.
  • bigmaz
    bigmaz Posts: 1,251 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 20 October 2014 at 5:59PM
    Cautious_Optimist wrote: »
    From what you have said so far, it sounds like you can't afford to buy the kind of house you want to live in.

    Regarding the plan to become a LL, I would view the flat, speak to your bank manager and come back to the forum with more information.

    Good luck.

    Why are you saying this? I already said I cannot afford to buy the house I live in. That's why I am renting it. I am not sure what your point is and why you think Iam living beyond my means by renting it.

    I came on here to ask if anyone has done what I am thinking of doing. I don't need more information to ask that. :)
  • Zoology_Dragon
    Zoology_Dragon Posts: 454 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Cautious_Optimist wrote: »
    I think in Scotland, you also need to be licensed to be a LL.

    You do but it's not expensive (<£100), I can't remember exactly. You don't repay every year either or at least not in Edinburgh where my rental property resides.
  • Zoology_Dragon
    Zoology_Dragon Posts: 454 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Cautious_Optimist wrote: »
    A 65 year lease reducing to a 55 year lease after 10 years, is a bit more than a "risk"...

    OP is in Scotland, there may not be a lease to worry about.
  • bigmaz
    bigmaz Posts: 1,251 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Zoology_Dragon wrote: »
    OP is in Scotland, there may not be a lease to worry about.

    Thanks for clarifying these things. The poster seems to be so negative about everything, bringing up all this stuff Also seems to have an issue about me not being able to afford to buy the house I rent, a bit strange.
  • Cautious_Optimist
    Cautious_Optimist Posts: 345 Forumite
    bigmaz wrote: »
    Why are you saying this? I already said I cannot afford to buy the house I live in. That's why I am renting it. I am not sure what your point is and why you think Iam living beyond my means by renting it.

    I came on here to ask if anyone has done what I am thinking of doing. I don't need more information to ask that. :)

    Your plan is to become a LL, in order to "get onto the property ladder".
    So surely the issue of which house you can afford to buy is the key issue here...?

    I don't understand why you are now trying to draw a line between your own house and your BTL plan?

    BTL is an individual investment. Your bank manager will explain it better to you.
  • bigmaz
    bigmaz Posts: 1,251 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 20 October 2014 at 9:12PM
    Cautious_Optimist wrote: »
    Your plan is to become a LL, in order to "get onto the property ladder".
    So surely the issue of which house you can afford to buy is the key issue here...?

    I don't understand why you are now trying to draw a line between your own house and your BTL plan?

    BTL is an individual investment. Your bank manager will explain it better to you.

    To be on the property ladder doesnt have to mean that you HAVE to live in the property....?

    What do you mean by me "drawing a line between your own house and your BTL plan?"
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