abderrahim1302 Posted October 3, 2012 Report Share Posted October 3, 2012 Dear all, we've just made an offer to purchase a house and the offer has been accepted. We are first time buyer. We expect to move to the new house in two months time (just about to start the process). Recently I have been offered an excellent position abroad (in Dubai) but it will starts August 2013. My idea is then to rent the house for that period of the contract (3 years). Do you think this is a good idea? What about the lender? home insurance? etc ... Many thanks in advance for your help, Best wishes Abderrahim Link to comment Share on other sites More sharing options...
bdh198 Posted October 3, 2012 Report Share Posted October 3, 2012 I know of lots of people who have rented their property out while they've been abroad for work. If managed well it can be a very effective way to cover the mortgage and even give you a small income. If you're seriously considering it then I would recommend speaking to a few agents in your area and explaining your situation to them. They are bound to have experience in managing properties for landlords in situations like yours. They can offer a fully managed service dealing with all the issues affecting your property and all you'll know about it will be a monthly payment into your bank account (less their management fees +VAT of course). You can then chose an agent and level of service you're happy with and with a bit of luck it should be relatively stress free. Just make sure your agent is kept informed of the date you plan to move back so they can make sure you have an empty property to move back into! Your lender will want to know if you are letting the property, some are good (e.g. Natwest give consent to let without too much fuss, just a small fee), others put you on a higher interest rate (e.g. Nationwide) and some don't allow it in which case you'll need to take out a specialist buy to let mortgage. You will also need to tell your insurance company. This is VERY important! Buy to let insurance does have a slightly higher premium, but if something goes wrong then you'll want to be safe in the knowledge that your insured. Link to comment Share on other sites More sharing options...
abderrahim1302 Posted October 4, 2012 Author Report Share Posted October 4, 2012 Dear Solent, Thank you so much for your email. I know now what to do. choosing a lender who is flexible with the changes that might happen is a must then. I haven't talk to the agencies yet about this issue but I heard they charge a lot. Anyway I will have to discuss it and see how much. Otherwise I will go for a flat instead of a house. All the best Abderrahim Link to comment Share on other sites More sharing options...
Geezah Posted November 23, 2012 Report Share Posted November 23, 2012 If you still need advice, private message me, I'm a landlord and Mortgage advisor. Alan Link to comment Share on other sites More sharing options...
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