Advice on whether i should by a mortgage..

Nebula30

Hi all, newbie here looking for some advice. Me and my partner are looking to buy our first home together, currently both living with our parents. We've saved up a really good deposit along with inheritance money. However we are both wanting to go travelling in three years time as we are currently committed to projects each that run until then, however we want to get our own place and my family are pushing for us to get ourselves on the property ladder. However, if we getting up travelling in three years time that'd mean having to rent our property. Would this mean we'd have to change our mortgage in three years time to a buy to let mortgage, and I've heard this can see much higher mortgage rates. Also where do we stand if we want to live in it again after travelling?? Would it be better to hold off on a mortgage until after this time? We had thought it would be better to put money into our own home than rent and I am getting told by my family if I don't get a place now, I might be priced out of the market. So confused!

G_M

See an independent mortgage broker, explain your plans, and ask which lenders are best for granting 'Consent To Let'. Some will, some may and some never do.

Get a standard residential mortgage. After 3 years, apply for CTL for one year. On your return, tell the lender you are back living in the property.

Meanwhile, read:

* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?

from:
* Tenancies in Eng/Wales: Guides for landlords and tenants

hazyjo

Would prob depend on your ages and how long you'd been together.


Can the projects not be put on hold and do the travelling thing now with some of the money, and go back to saving when you're back and buy in a year or so? If you're both the types of people to take on projects that make such an impact on your lives, I really doubt this will change in future years. If anything, it's likely to get worse. You may find circumstances change (kids, illness, marriage, etc) and you can't go later.


My OH's son and his long term GF recently went travelling for 6 months. It's caused him lots of stress trying to find another job now, they've lost a lot of their savings, and I really think they should have done it years earlier. He's now 26 and finding it depressing.


If you rent it out, it will more than likely be for at least 12 months, maybe with a 6 month break clause. They won't be out before that. If they failed to leave, it could several more months and lots of money to get them out.