Is a mortgage possible?

rtho782

mycallsevern wrote: »

The flat is in a very desirable area of London on a very nice street, once we purchased it we would move to a cheaper area (probably outside of London) and rent a larger property to live in. The rental value of the flat is high so would cover the mortgage payments. After 5 years we do not have to repay ant of the discount so could either sell or remortgage to release equity to purchase a property to live in, (possibly abroad) keeping the London flat as an investment.

The other option would be to change the interior layout of the flat to increase the number of bedrooms. At current the living areas are large and there is a lot of wasted space in the hallway area. Obviously we could only do this if we owned the flat.

You can't buy with RTB then let out. You'd also need consent to let from the lender, and there is no certainty they would do this.

You won't be able to release the discount as cash when you buy.

The idea is a non-starter.