Advice for buying 2 bed apartment

TheProfessional

So you not fancy moving out yourself?

NinjaTune

krish123 said:

NinjaTune said:

Just move into the property and take in a lodger. 

That’s the other option yes! 

Are you well protected taking in a lodger though? Can you evict them etc if there are problems.
obviously this route means I won’t be able to over pay the mortgage as I will only be getting rent for one room , which is likely to be around £300-400. 

Yes I believe you have better protection with a lodger (or rather, your lodger has less protection than a tenant). 

£300-400 a month is still a decent sum on top of what you're already earning.  

Anyway, as has been said, it's a moot point as you're unlikely to qualify for a BTL mortgage anyway.  

hazyjo

Or you could just buy a two bed and not take in a lodger. Why only buy a one bed if you can afford a 2 bed? One beds are often hit hard in a recession. Especially new ones! And it gives you no room to grow into it if the market tumbles and makes it hard to move. An older two bed would prob be cheaper than a brand new one, so perhaps that's the compromise.

Do you actually want to share your space with someone other than a partner? Don't feel like everything has to make money, there are many more investment platforms. Some people choose to, or need to, take in a lodger but, at the end of the day, it'll be your home where you live. Not a business opportunity.

Just putting another spin on it

krish123

NinjaTune said:

krish123 said:

NinjaTune said:

Just move into the property and take in a lodger. 

That’s the other option yes! 

Are you well protected taking in a lodger though? Can you evict them etc if there are problems.
obviously this route means I won’t be able to over pay the mortgage as I will only be getting rent for one room , which is likely to be around £300-400. 

Yes I believe you have better protection with a lodger (or rather, your lodger has less protection than a tenant). 

£300-400 a month is still a decent sum on top of what you're already earning.  

Anyway, as has been said, it's a moot point as you're unlikely to qualify for a BTL mortgage anyway.  

NinjaTune said:

krish123 said:

NinjaTune said:

Just move into the property and take in a lodger. 

That’s the other option yes! 

Are you well protected taking in a lodger though? Can you evict them etc if there are problems.
obviously this route means I won’t be able to over pay the mortgage as I will only be getting rent for one room , which is likely to be around £300-400. 

Yes I believe you have better protection with a lodger (or rather, your lodger has less protection than a tenant). 

£300-400 a month is still a decent sum on top of what you're already earning.  

Anyway, as has been said, it's a moot point as you're unlikely to qualify for a BTL mortgage anyway.  

Yes, i actually spoke to a family friend last night and they said the same thing.

So if BTL mortgage is not possible, i can look into Residential but still have a lodger is that correct?

Also where is the best place to see exactly how much you can borrow? i know there are online calculators etc but something more concrete info?

krish123

hazyjo said:

Or you could just buy a two bed and not take in a lodger. Why only buy a one bed if you can afford a 2 bed? One beds are often hit hard in a recession. Especially new ones! And it gives you no room to grow into it if the market tumbles and makes it hard to move. An older two bed would prob be cheaper than a brand new one, so perhaps that's the compromise.

Do you actually want to share your space with someone other than a partner? Don't feel like everything has to make money, there are many more investment platforms. Some people choose to, or need to, take in a lodger but, at the end of the day, it'll be your home where you live. Not a business opportunity.

Just putting another spin on it

hazyjo said:

Or you could just buy a two bed and not take in a lodger. Why only buy a one bed if you can afford a 2 bed? One beds are often hit hard in a recession. Especially new ones! And it gives you no room to grow into it if the market tumbles and makes it hard to move. An older two bed would prob be cheaper than a brand new one, so perhaps that's the compromise.

Do you actually want to share your space with someone other than a partner? Don't feel like everything has to make money, there are many more investment platforms. Some people choose to, or need to, take in a lodger but, at the end of the day, it'll be your home where you live. Not a business opportunity.

Just putting another spin on it

Thats a good point. i just feel i may struggle financially if i have to upkeep the whole property.

See im currently happy living at home, but im 29 now and feel its about time i get my own independence, thats a part of the reason im looking into this. But at the same time i dont want to financially struggle just to say i have a property.

krish123

NinjaTune said:

krish123 said:

NinjaTune said:

Just move into the property and take in a lodger. 

That’s the other option yes! 

Are you well protected taking in a lodger though? Can you evict them etc if there are problems.
obviously this route means I won’t be able to over pay the mortgage as I will only be getting rent for one room , which is likely to be around £300-400. 

Yes I believe you have better protection with a lodger (or rather, your lodger has less protection than a tenant). 

£300-400 a month is still a decent sum on top of what you're already earning.  

Anyway, as has been said, it's a moot point as you're unlikely to qualify for a BTL mortgage anyway.  

i think according to the mortgage calculator based on 30K deposit the mortgage would be around £599, so with £300-400 from one lodger, that would cover alot of the mortgage. I could defintely afford £200-300 a month + all other costs. but i would have to establish exactly what those other costs would be.

dimbo61

Do Not Buy a one bed flat you will regret it.
Two bed flat or better still older 2 bed house that is freehold and has good sized bedrooms and bathroom.
The reason BTL lenders won't lend to a first time buyer is just in case you move in ! 
Most BTL mortgages are Interest only so cheaper cost each month which can be offset against your rental income if basic rate tax payer.

dimbo61

There are some very serious issues with flats at the moment.
Grenfell ! 
I read in the paper that hundreds of tenants/owners moved out of flats in London this week due to fire safety fears.
Owners cants sell the flats they own due to new fire safety form EWS1.
Only 130 surveyors in the country to check thousands of high rise buildings which will take years.
The costs of inspections, checks and removal of the old cladding must be paid by the owners 

krish123

dimbo61 said:

There are some very serious issues with flats at the moment.
Grenfell ! 
I read in the paper that hundreds of tenants/owners moved out of flats in London this week due to fire safety fears.
Owners cants sell the flats they own due to new fire safety form EWS1.
Only 130 surveyors in the country to check thousands of high rise buildings which will take years.
The costs of inspections, checks and removal of the old cladding must be paid by the owners 

My Father advises against going for a flat for all of these various issues that come with flats. however i just dont think i will be able to afford a 2 bed house. I will have to have a deeper look though.

I will be buying in the midlands area, god forbid it was london!

MovingForwards

Look a little further away to see how prices compare, you may get a house for the same price of a 2 bed flat if it's 5 miles further out.