UK First Time Buyer: Interested In Living Rent Free Thread.

[Joe Davies]

Hi guys,

This is my first post here. I've been lurking ever since I read the book around a month ago.

I have my own 'slow-ish' lane business, I'm working to turn it fast lane, aswell as other opportunities.

Recently I have saved enough money for a house deposit. I'm currently renting...

Now, I'm not entirely sure I want to settle into a house etc. I'm quite happy renting, and have even considered traveling.

I have read the 'living rent free thread' and can't seem to make sense of it, I'm from UK and there's quite a bit of US terminology in there.

I'm looking for advice on what you think would be a good move in my position?

Buy to let a property (try to make as much as possible on it)
Simply buy a property, move in to it (better than paying rent, dead money etc)
Other options?

Thanks for the help.

 

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[LTL]

It is buy to let but with 4 units....You live in one free because your tenants pay the mortgage and you keep a small monthly surplus

Unfortunately for you U.K. lenders are clamping down on the 5% deposit mortgage to cool the property market

The good news is rates are at an all time low but you'd still need HMO paperwork (Housing Multiple Occupants) and be a live in landlord....

There is another way to do it creatively but.... You can research it or PM me

 

[Joe Davies]

Hey cool cheers

Buy to let deposits are usually a lot more here too (30-40%) which doesn't bother me too much either, I just don't know where to look to find such properties??

I'll PM you, appreciate it.

 

[D11FYY]

Im not sure if this would work but it is a possibility to consider. Im only surmising but if your a first time buyer why dont you take advantage of the first time buyer scheme? Possibly get a better mortgage rate or it may have advantages in other areas.

Good luck

 

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[Patchwork Girl]

You could get one or two lodgers if you bought a 2/3 bed (tax free up to a £4250 a year I think - check the rent-a-room scheme). It's a much more flexible arrangement than letting to tenants and might be the best of both worlds if you don't mind sharing your living space?