Hi there,
My husband and I are looking to buy a house in the not too distant future. We currently own a flat, which we want to sell, but flats in our area are not shifting even when priced way below home report value (we are in Scotland). We expect not to make anything from our flat when we sell so have started saving a deposit for our next place. If we can't cover the mortgage of £48k then we won't sell it.
We have saved just over £20k to put down as a deposit on a new place and are looking to buy a house approx. £125-140k so about 85% mortagage. We are both employed full time - I earn £34k and my husband earns £25k. We have no debts other than our mortgage.
So, our ideal scenario would be to sell the flat, break even or small profit, and then buy a house. If we can't sell for enough then we might consider renting out the flat, but very reluctantly, and only if we could hand it on to be managed fairly comprehensively by a letting agent.
Are there other options out there? Our flat is on Nationwide BMR so we aren't paying much at the moment (although of course this could change). Would NW consider giving us a mortgage for our house without us having sold the flat? Can we own two properties with two mortgages at the same time? We could manage to pay the mortgage on both, but would they lend when it would mean leaving the flat empty? Would they be okay with it being empty if we had it on the market?
I was hoping my brother might consider buying the flat, but he is looking for something with two bedrooms. Could I rent it to him in the short term? I know that there are many warning messages about renting to relatives, but aside from that, is it allowed in a consent to let situation? I had a quick look at the consent to let application for the NW and it asks if it is for a relative - is that a good or bad thing?
Sorry for the ramble, but I am hoping someone can rule in, or out, the options I have been considering. Thanks!
My husband and I are looking to buy a house in the not too distant future. We currently own a flat, which we want to sell, but flats in our area are not shifting even when priced way below home report value (we are in Scotland). We expect not to make anything from our flat when we sell so have started saving a deposit for our next place. If we can't cover the mortgage of £48k then we won't sell it.
We have saved just over £20k to put down as a deposit on a new place and are looking to buy a house approx. £125-140k so about 85% mortagage. We are both employed full time - I earn £34k and my husband earns £25k. We have no debts other than our mortgage.
So, our ideal scenario would be to sell the flat, break even or small profit, and then buy a house. If we can't sell for enough then we might consider renting out the flat, but very reluctantly, and only if we could hand it on to be managed fairly comprehensively by a letting agent.
Are there other options out there? Our flat is on Nationwide BMR so we aren't paying much at the moment (although of course this could change). Would NW consider giving us a mortgage for our house without us having sold the flat? Can we own two properties with two mortgages at the same time? We could manage to pay the mortgage on both, but would they lend when it would mean leaving the flat empty? Would they be okay with it being empty if we had it on the market?
I was hoping my brother might consider buying the flat, but he is looking for something with two bedrooms. Could I rent it to him in the short term? I know that there are many warning messages about renting to relatives, but aside from that, is it allowed in a consent to let situation? I had a quick look at the consent to let application for the NW and it asks if it is for a relative - is that a good or bad thing?
Sorry for the ramble, but I am hoping someone can rule in, or out, the options I have been considering. Thanks!