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Buy To Let Advice please.

elmosmom
elmosmom Posts: 14 Forumite
in House buying, renting & selling
My husband and I own a flat. I recently rented a property in another area in order to enable my youngest child could go to the same school as his siblings. Our flat is now on the market with a view to sell.

Initially we decided to sell, then live in the rented property until a suitable house came on the market for us. However, we have recently inherited some money which will enable us to have a deposit for a mortgage for our new house, meaning we no longer have to sell our flat to release equity.

Our flat is worth £75k and the outstanding mortgage is £56. We are thinking of renting out our flat now and using the inheritance to provide a deposit for a new home.

I am brand new to buy to let and would appreciate any help/advice.

Thanks
«13

Comments

  • theartfullodger
    theartfullodger Posts: 15,718 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    elmosmom wrote: »
    .....Our flat is worth £75k and the outstanding mortgage is £56. ....
    £56k perhaps??

    Read this lot

    https://forums.moneysavingexpert.com/discussion/5180214
  • marksoton
    marksoton Posts: 17,516 Forumite
    elmosmom wrote: »

    I am brand new to buy to let and would appreciate any help/advice.

    You need to do some serious reading up then.

    Oh and manipulation of the school admission system isn't something you should advertise.
  • elmosmom
    elmosmom Posts: 14 Forumite
    theartfullodger wrote: »
    £56k perhaps??

    Read this lot


    Yes £56k, not £56! I wish.

    I had a look at that link, thanks, but I live in Scotland so I'll have a look at what I can find for Scotland.

    Thanks:D
  • elmosmom
    elmosmom Posts: 14 Forumite
    marksoton wrote: »
    You need to do some serious reading up then.

    Oh and manipulation of the school admission system isn't something you should advertise.

    Yeah I'm aware I need to do my homework. I thought I'd ask for a step for a hint from people who know more or have been through it.

    And thanks for your concern of my legal and legitimate school admission, but I don't need any help or advice with that.
  • marksoton
    marksoton Posts: 17,516 Forumite
    elmosmom wrote: »

    And thanks for your concern of my legal and legitimate school admission, but I don't need any help or advice with that.

    Clearly. All the best.
  • Guest101
    Guest101 Posts: 15,764 Forumite
    Given that sibling automatically get priority it seems a daft move anyway.
  • Bluebirdman_of_Alcathays
    Bluebirdman_of_Alcathays Posts: 2,859 Forumite
    Where do you live? In the rental or in the house you own? It makes a difference!
  • elmosmom
    elmosmom Posts: 14 Forumite
    Guest101 wrote: »
    Given that sibling automatically get priority it seems a daft move anyway.

    They didn't. The placing request was refused, we had to appeal.
  • elmosmom
    elmosmom Posts: 14 Forumite
    Bluebirdman_of_Alcathays wrote: »
    Where do you live? In the rental or in the house you own? It makes a difference!

    The kids and I live in the rental and my husband lives in our flat. The initial idea was to sell the flat then my husband would join us and we'd wait till a suitable property came up, but now we have inherited just enough to put down for a deposit/
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    marksoton wrote: »
    You need to do some serious reading up then.

    Oh and manipulation of the school admission system isn't something you should advertise.

    Why would she be manipulating it? in my area if you have an older sibling in a school the younger ones automatically get a place there, they are prioritised. Perhaps there is another reason?
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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