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Buying my first house to rent out and moving abroad
Comments
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Thanks for the comments guys.
From what I've read so far it seems like a bad idea.
As an alternative, if I were to buy a property that a family member would live in (my mother), I could keep my residential mortgage and perhaps get lodgers instead for the remainder of the rooms?0 -
I think a residential mortgage means you live in it, not a family member.0
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chelseablue wrote: »I think a residential mortgage means you live in it, not a family member.
Not the best source but this says otherwise
http://www.mortgagesolutions.co.uk/news/2014/04/30/regulation-of-family-buy-to-let-called-into-question/0 -
Not the best source but this says otherwise
http://www.mortgagesolutions.co.uk/news/2014/04/30/regulation-of-family-buy-to-let-called-into-question/
It says nothing of the sort.0 -
Not the best source but this says otherwise
http://www.mortgagesolutions.co.uk/news/2014/04/30/regulation-of-family-buy-to-let-called-into-question/
this does not say you can rent to family on a residential mortgage where you would not be living there
the article is 2 years old and refers to the issue that many people have problems getting a BTL mortgage when their tenants are family members.
Why you would want to tie up all your savings in property whilst you head off to start a new life seems strange, will you not need everything when you move?0 -
It's quite simple. Either do it properly with a BTL or don't bother.
If you're so extensively trying to cut corners over this i dread to think what would happen when you become a LL....0 -
It's quite simple. Either do it properly with a BTL or don't bother.
If you're so extensively trying to cut corners over this i dread to think what would happen when you become a LL....
A bit OT but are you allowed to get a BTL mortgage if you intend living in the property for a couple of years before letting it out?0 -
Nope. You aren't.A bit OT but are you allowed to get a BTL mortgage if you intend living in the property for a couple of years before letting it out?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Nope. You aren't.
Thanks, what do you do if in a similar position to the OP?
You want to buy a house now, but plan on letting it out in near future.
Would you not be allowed to do it?0 -
Thanks, what do you do if in a similar position to the OP?
You want to buy a house now, but plan on letting it out in near future.
Would you not be allowed to do it?
Get a residential mortgage for when you're living there and then remortgage to BTL when you're going to let it out.The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt.Bertrand Russell0
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