What can you do if you’re desperate to move home, but either don’t want to sell until the market has picked up, are unable to sell due to negative equity or just cannot find a suitable buyer?
There are a growing number of people who need to move home but cannot sell. It may be because they want to downsize, need more space or need to relocate. Letting to Let is a fantastic way to do this without the permanency of selling.
Letting your property out to tenants could be a great alternative to selling as you can hold on to your valuable asset and may even be able to let it short term without changing to a buy to let mortgage. (You must however obtain the permission of your lender.) This is a definite advantage, because if you had to remortgage to a buy-to-let mortgage, you would find the rates are significantly higher than residential mortgages.
An example of this in our office is a couple who own an apartment on the Ovaltine development in Kings Langley who with 2 small children decided they had outgrown their current home. They were looking to buy something a little larger with a garden for the children to play in. Unfortunately, they couldn’t sell their apartment for a decent price so decided to look at the potential of renting out their property and then finding a larger rental property themselves. They found a lovely bungalow close to their current home and managed to achieve a rental of £900pcm on their Ovaltine property which is higher than their mortgage repayments. They are putting the profit into their higher priced bungalow which they rent for £1200pcm.
According to the Association of Residential Lettings Agents (ARLA) more than 39% of its members reported an increase in this market.
If you would like to discuss this matter further and are interested in letting your property, I would be delighted to visit you to give you a market appraisal of your property. I can also get you registered as a tenant and keep you informed of all new properties that come onto the market.