Schemes to help with Buy to let?

[FootTapper]

Hi folks,

Ok so I'm aware of shared ownership, LSAP, key worker and the like...


But, I can't afford to live in my own house - with the mortgage payments, bills, rates etc etc it would be a large wedge of cash to spend when I'm pretty happy in the block.

But I know I should be getting some money invested into housing, so I'm wanting to get a buy-to-let.

It may seem a lot like I'm wanting to have my cake and eat it (and maybe I am?) but living in the block isn't just cheaper, but it's a lot more convenient with getting to work, no commute, ease on posting etc. If I buy a place to live in, then get posted and end up living in the block anyway I've got the worst of both worlds.

Most schemes I've seen are solely aimed at buy-to-live, so is there anything available for those of us who want to do a little future planning and try and invest for the future?

Ta in advance


FT

 

[Ruby Red]

Buy to Let Mortgages

Buy to Let Mortgages

Hi Foot tapper,

I don't know if u can get special deals via work, but generally many buy to lets, you - the owner - are prohibited from living in the property. So if u want it solely for an investment thats fine. If u want to live in it yourself and perhaps rent the spare bedroom that would be difficult under the terms of a buy to let mortgage.

Like live in mortgages, buy to let mortgages appear to have become more difficult to obtain - partly due to larger arrangement fees or Building Societies etc, being unwilling to lend more than say for example 60% loan to value so that you need to be able to fund more of the purchase price from your own resources. T

The other thing about Buy to Let mortgages, is that they also take into account the rent potential which is assessed by a local valuer, and is part of the criteria on which BS's will lend.

Not the best news at the moment, but deals do change. All the best with your plans.

RR