aheawood Posted March 22, 2009 Report Share Posted March 22, 2009 Dear All, My situation: New addition to the family so need a bigger placeCurrently live in a 2 bed flatIt is unique in a very desirable area full of £350,000 + houses and the best school catchment in Sheffield. It is the bottom half of a semi detached house - not a block of flatsJust gone on the market for £159,950£100,000 left on a fixed rate mortgage (which ends in August)I have found a house I'd love to buy on the market at £220,000I have £20,000 for a depositMy question to you is this: Instead of selling my flat is it feasible/sensibile to rent it out instead AND still buy the new place? If so how would this work? (friends have said it's easy - I just need to switch to a buy to let mortgage) Thanks in advance for any advice. I am a novice when it comes to finances so please reply as if to a 6 year old AH Link to comment Share on other sites More sharing options...
Mortitia Posted March 23, 2009 Report Share Posted March 23, 2009 Hi, Ask yourself this one basic question. Can you afford the repayments on both properties if your prospective tenants for the flat don't pay the rent for say 4 months? This is a situation you could be faced with. Being a landlord is not easy especially for a beginner. You will have to tell your lender that you are going to rent out the flat but they may not make you get a buy to let mortgage. Mortitia Link to comment Share on other sites More sharing options...
Selkirk Posted March 23, 2009 Report Share Posted March 23, 2009 If I were you I'd sell (if you can) this is not a game for '6 year olds' there are plenty of pitfalls just waiting for you to walk into and it could turn out to be a nightmare for you. Just my thoughts, I wish you luck cheers Selkirk Link to comment Share on other sites More sharing options...
aheawood Posted March 23, 2009 Author Report Share Posted March 23, 2009 @selkirk, @mortitia Thank you for the advice...I think you may be saving me from a lot of potential grief on top of having a new baby ;-0 I haven't heard one person come out in favour of renting in my situation. Cheers, AH Link to comment Share on other sites More sharing options...
Melboy Posted March 24, 2009 Report Share Posted March 24, 2009 Sell !! Mel. Link to comment Share on other sites More sharing options...
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