Buy to let on a right to buy house

restless6

I did not have to pay any stamp duty on this house - so it is still a higher rate on another house ?
I can rent the house at at any time - it isjust selling it that has all the restrictions. The council told me that when I bought it.
I did not intend to ever move as this is my home but sadly now I have to and that is why I am trying to figure out a way of doing it.

da_rule

restless6 wrote: »

I did not have to pay any stamp duty on this house - so it is still a higher rate on another house ?
I can rent the house at at any time - it isjust selling it that has all the restrictions. The council told me that when I bought it.
I did not intend to ever move as this is my home but sadly now I have to and that is why I am trying to figure out a way of doing it.

Yes, regardless of whether you paid stamp duty on the current house, if you buy a second house (and pay more than £30,000 for it) you’ll be liable for the higher rate of stamp duty.

kingstreet

If you buy again, where is the deposit coming from?

Cakeguts

The best thing you can do is to sell the house and pay back the discount you got from the council then you are free to do what you want after that.

restless6

Depending on how much deposit I would need - is it normally a percentage of the asking price ?

da_rule

Again, depends on the mortgage company and your personal circumstances, but 10% is the average.

sevenhills

restless6 wrote: »

I do have consent to let- I just read some of the paperwork .
I can not afford to leave it empty. If I rent the house out then I am stuck with renting elsewhere. But it seems I will not be able to buy. Rent charges are so expensive that is why I was hoping to buy

You can rent out your property as soon as you complete the purchase. However, you must let us know and give us an alternative contact address for you. You must also notify the council’s Legal service team who may charge a one off sub-let fee.

https://www.lewishamhomes.org.uk/your-home/tenancy/right-to-buy-scheme/right-to-buy-frequently-asked-questions/#_Can_I_sell

Norman_Castle

I bought the house as a right to buy and I am still in the discount repayment period.

How long until the five years is up. Renting a cheap property short term with a view to selling after the five years could be the best option. The rental income from this property will pay your rent elsewhere.

Lioness_Twinkletoes

This thread is like groundhog day. The amount of posters that are making the same (incorrect) assumptions has become almost amusing. Does no one read the thread before posting?

HampshireH

Go and see a broker. The criteria for a let to buy is quite comprenensive but nowhere have I seen anything about RTB having an impact negative or otherwise.

This website looks quite useful http://http://www.themortgageworks.co.uk/lendingcriteria/let_to_buy

Do you intend to mortgage to a buy to let and take the deposit from that or do you have the cash to put down as a deposit?

Broker can go through all your options & affordibility. Don't forget you are going to need to be able to cover the costs of both mortgages if you don't get/have a tenant, as well as all other associated costs such as tax and insurance