Own, BTL, Sell, Rent, Own?

aap_2

Currently own a house (mortgaged)

Planning to do below by steps.
* BTL a house
* Sell house owned
* Rent a house for a year or two
* Move into BTL house

Lender OK with providing a BTL or a residential (providing we sold our house) now. So I guess, as far as income eligibility for mortgage is concerned, we are al right when we try to switch BTL to residential in the final step.

Are there any pitfalls or anything not legal in doing this?

Thanks

Wi88le

I don't get what you are trying to achieve over just selling your current house, then moving into a new house or rental whilst you look for somewhere to buy.

Are you wanting to buy a buy to let for a year or two only?

aap_2

Yes the BTL will be for a year or two. Reason doing this is we would like to get that house for us to live in, but the situation is the vendor would like to sell quickly, prefers no chain. And we are ok waiting for a year or two as that would be our ideal house in ideal location.

The_Earl_of_Streatham

You don't have to read these boards for long to get a good idea of how fraught buying and selling a house can be. Even knowing the reporting bias that arises from few people posting about how nothing eventful happened, it's still a scary proposition.

Combine that with running a btl business for two years and renting a place yourself, you seem to be determined to take on an enormous amount of angst to do what ought to be a simple transaction.

Two years in the btl business is plenty of time to lose a lot of money and too short a time to make it up again if something does go wrong.

All vendors would prefer a quick sale and no chain, few of us would be happy to start a btl business to oblige.