Rent to buy

[Chloe Russell]

Hello all,

new to the site and just wondering if someone could help me out.

ive just bought a flat (1st payment came out in jan 2020)
A property has become available in the town I used to live in, and with my work catchment area increasing, it would be the ideal location to commute from (otherwise it’s an 75mile round trip x 5 days a week)

is there any possibility of keeping my current property (and letting it out) and buying the property in the other location?

The details of the property in the other location say that’s it’s been on the market since 2018 so potentially room to negotiate on the price..

Any wisdom/help would be greatly received

thanks!

 

[FWL]

Hi @Chloe Russell

There is a mentorship on this website which might be able to help you:-

https://www.propertyforum.com/nicholas-wallwork-mentorships

 

[PostBrexitInvestor]

How do your general finances look? They will still need to stress test your second mortgage application and would not include a full years rent from the property you bought.

 

[Peter J How]

Yes all you need to do is contact you current lender for a Consent to Let and see if they agree, then you are all set.