Buy to let

linde_2

We are immigrating or rather moving back to the country we're originally from. If we remortgage our house and rent it out,what are the pros and cons of a buy to let mortgage etc? Any advice from anyone who has experience of this will be appreciated.

lypsey

Linde , take 5 minutes looking at other posts on the site. I believe that house prices will come down by 40 percent over the next few years

Don't let your property , just sell and bank the money and get 5.5% in the bank with no worries

pcwilkins

linde wrote: »

We are immigrating or rather moving back to the country we're originally from. If we remortgage our house and rent it out,what are the pros and cons of a buy to let mortgage etc? Any advice from anyone who has experience of this will be appreciated.

Are you asking what are the pros and cons of renting out, or are you asking what are the pros and cons of a BTL mortgage? If you remortgage and rent out your house, you will have to have a BTL mortgage.

Have to agree with lypsey though --- not sure about the 40% (can always hope) but I doubt that you would make enough profit to make renting out worthwhile.

Peter

movilogo

Just sell it. From another country it is not worthwhile to maintain a property in UK. There may be some occassions on the property for which you need to physically come to UK. So, unless you are moving to EU it would be both expensive and time consuming for you to deal with.

So, probably you'll be better of selling it now.

rjm2k1

Sell up, it's not worth the hassle if you don't expect to come back.

hearts

lypsey wrote: »

Linde , take 5 minutes looking at other posts on the site. I believe that house prices will come down by 40 percent over the next few years

Don't let your property , just sell and bank the money and get 5.5% in the bank with no worries

...If you listen to this then its not advice you need its a PSYCHIATRIST! There is not a chance in hell of property prices falling 40% even the most extreme of the HPC lot wouldn't put their name to this figure.
No one knows what will hapen to house prices. Much as some would like to convince us its predictable, it isnt.
The last poster is probably right in that if you are sure you arent coming back then selling is propbably best BUT if you think you may come back and if property prices keep rising then it would be wise to hang on to it.
Why not take the middle ground and rent for a short time. Keeping your eye on the market.
Much depend on how much use the capital would be in your new life. Do you need it? Would you require it quickly if and when you did need it.? If the market turned could you afford to leave it in the house for a few years? What is the housing market like in your new homeland? Maybe you could buy a better property there with more potential.

tomstickland

There is not a chance in hell of property prices falling 40%

Why are you so certain?