First Time Buyer being blocked by Buy To Let Only

bopsybunny

The house I currently live in (rental) has been on the market since long before we moved in. As soon as our tenancy agreement was signed, the estate agent had to advertise as buy to let only, as we had a fixed term (6 month) contract. Now we are past that 6 months and have progressed onto just a monthly rolling contract, they removed the buy to let only advert. It has actually just sold, luckily for us, as a buy to let!

westernpromise

forvar wrote: »

Hopefully we'll see more BTL properties come onto the market in the next year as section 24 starts to bite. Good luck.

You might see that, yes. Or, as here, you might see that landlords exiting the market don't want to evict the tenant before exchange only perhaps to see the sale fall through, so they are then left with an untenanted property. They'd much rather sell to another BTL landlord, who is perhaps less affected by S24 or has set himself up so as not to be.

So the number of BTLs could stay the same while the number of landlords falls (and of course their power rises). Be careful what you wish for, eh?

muz3562 wrote: »

If the property is sold with sitting tenants you are going to struggle to get a residential mortgage for it as the lender are going to consider the risk of the sitting tenants refusing to leave and then the massive legal costs that go with this .

Rubbish. You will get a mortgage offer or not based on the value of the property. If the seller can't provide vacant possession on completion day that's a problem and costs for him and the buyer, not the mortgage lender, who simply doesn't lend as completion never takes place.