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Become a landlord or sell?


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Dear All,

My situation:

  • New addition to the family so need a bigger place
  • Currently live in a 2 bed flat
  • It 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 flats
  • Just 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 £220,000
  • I have £20,000 for a deposit

My 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 :)


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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.


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