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First buy to let
galathea
Posts: 14 Forumite
Hi everyone. Apologies, I am completely new to the buy to let and got some questions. I am eying a 2bd in this house. My mortgage advisor told me to avoid houses with commercial properties, but it will depend on the survey. So, for the below property and from your experience, is it a complete deal breaker or would I just need a bigger deposit to get a mortgage? Would not like to pay for the survey if the chances are low anyway.
Also, if property is set up as joint ownership, is it possible for one owner only to rent it out and be concerned with property management etc issues as well as tax payments on it. Essentially, I just want to give my unemployed partner some income. Thank you for the help.
Also, if property is set up as joint ownership, is it possible for one owner only to rent it out and be concerned with property management etc issues as well as tax payments on it. Essentially, I just want to give my unemployed partner some income. Thank you for the help.
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Comments
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I suspect valuer's comments will not be positive. I would look for a product with a free valuation.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.2
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Food and drink outlets are likely to be viewed as particularly "bad neighbours". Tony appears to do fry-ups...2
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Buy to let mortgages can be hard to get.
BTL mortgages above a food outlet which is also leasehold ( flat ) can even harder to get.
Lenders won't like this 😕2 -
As above.
BTL involves time, some expertise (though you can learn) and risk.
Even if you get a mortgage you've no idea what lenders' policies will be when you come to sell. Might struggle.
Why make life even more difficult by going for a property this?
2 bed? What's your target market?1 -
Thank you for all your feedback. I will be looking for something else then. The property is cheap and next to the station in relatively good order, so I thought you can not go wrong with the cheap rental that convenient, considering current rental shortage in London
But it's probably for a cash buyer. I understand risks, I was investing in other assets before, got my personal reasons to enter landlords space now. 0 -
The issue you might face is that cafe becomes a takeaway. Maybe smelly and noisy? You might have no problem buying it, but you may have a serious problem selling it in the future. I personally would look somewhere else.galathea said:Hi everyone. Apologies, I am completely new to the buy to let and got some questions. I am eying a 2bd in this house. My mortgage advisor told me to avoid houses with commercial properties, but it will depend on the survey. So, for the below property and from your experience, is it a complete deal breaker or would I just need a bigger deposit to get a mortgage? Would not like to pay for the survey if the chances are low anyway.
Also, if property is set up as joint ownership, is it possible for one owner only to rent it out and be concerned with property management etc issues as well as tax payments on it. Essentially, I just want to give my unemployed partner some income. Thank you for the help.0 -
That flat will not appeal to a car owner for a start.
It will attract the very bottom end of the market, which many would advise is not what you want.0
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