Simple sale or let to buy?

Bobster33

Hello,

I would be very grateful for some advice as to whether we should simply sell our current house to buy a new one or if we should look at let to buy.

Our situation:
Current house value: £500,000
Mortgage: £238,000
Potential rental income: £1,400 pcm

House we want to buy: £600,000

Thanks in advance,
Bob

kingstreet

Where's the deposit for the purchase coming from?

dimbo61

Think you might need to give a whole lot more information !
Really you could do with speaking to a financial advisor, BTL mortgage broker and your accountant.
There are more questions than answers !

[Deleted User]

Sell.

Why do people insist on trying to be amateur single property landlords? Has nobody noticed any of the law changes, rules or regulations? Does anyone actually consider the vacant periods, higher interest rates, maintenance and agent charges? What about the likelihood of problem tenants, court proceedings, potential eviction process?

The days of "I have a house, so I'll let it out and be rich" are long long gone.

AnotherJoe

If you need to ask it's a terrible idea.
If you don't need to ask it's still probably a terrible idea.

Mrs36

Have you considered the extra 3% SDLT that will be due when you buy the additional property if you were to rent out your existing home?

Deleted_User wrote: »

Sell.

Why do people insist on trying to be amateur single property landlords? Has nobody noticed any of the law changes, rules or regulations? Does anyone actually consider the vacant periods, higher interest rates, maintenance and agent charges? What about the likelihood of problem tenants, court proceedings, potential eviction process?

The days of "I have a house, so I'll let it out and be rich" are long long gone.

I completely, and utterly agree with every word of this. Honestly, the amount of threads on this exact subject. It really isn't just a case of putting some tenants in and collecting the rent. If you are even considering this PLEASE do your own due diligence and research fully the responsibilities that come with being a landlord.