Property News · April 27, 2017

As first-time buyers, can we take out a buy-to-let mortgage?


We rent in Oxfordshire but want to buy property near Sheffield to let until we move thereQ My partner and I have been renting for the past seven years. We live in a salubrious part of Oxfordshire in a house we would never be able to afford to buy without a lottery win. We’ve been lucky enough to have as landlords a wealthy elderly couple, who let us pay probably half the going rate for the area on the unspoken proviso that we don’t bother them about minor repairs and keep the place in good order. It suits us all fine. This has allowed us to save up a small pot over the years and I recently inherited around £100,000 from my grandmother. This gives us a cash deposit of roughly £140,000 to buy somewhere, but with a joint income of around £40,000 and the average two-bed around here selling at the half a million mark, we’re going to have to start looking elsewhere. Continue reading…

Source : theguardian.com
Read more…As first-time buyers, can we take out a buy-to-let mortgage?

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