ASK320: Sell my former home, or rent it out? PLUS: How do I get a mortgage for my refurb?

The Property Podcast

Rob Bence & Rob Dix

News, Education, Business, Investing, Business News

4.8 • 2K Ratings

🗓️ 15 February 2022

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rob & Rob are back for another round of listener questions! Kicking it off this week is Laura from Essex. Laura bought her first property (a two-bed flat) six years ago and is now looking to buy her second property. She’s recently had an offer accepted on a four-bed detached house and can afford to purchase it without using any equity from her flat. But Laura’s unsure if she should sell the flat and use the equity to put down a bigger deposit and lower her mortgage repayments on the new house. What do Rob & Rob think? Should she keep the flat and rent it out or sell up and put a bigger deposit down? Next up, we’ve got a mortgage question from Andrew. Andrew has recently received an inheritance and is looking to buy a terraced house outright in Leeds and then let it out. He’s then hoping to refinance this property and use the equity to expand his portfolio and purchase a couple more buy-to-let properties. Andrew wants to know if his mortgage can be interest only, and if not, why? Tune in to find out what the guys have got to say. And if you’re looking for the latest episode of The Property Podcast with a mortgage expert you can find it here or if it’s the Buy-to-let mortgages explained video you’re after, that’s right here. Do you have a buy-to-let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply). Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours. Have you joined us over on the Property Hub Forum yet? Our online community is friendly, informative, and the members are waiting to welcome you with open arms. So, get yourself over and introduce yourself. See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Hello everyone and welcome to Ask Rob and Rob, the show where you get your questions
0:12.3	in and we give you some answers. We've got two really great questions this week.
0:17.6	The first of which is from Laura, but before we get to Laura's question, let's remind
0:21.8	you of how you can get on the show and get your hopefully great question in as well.
0:26.0	Yes, just call 013 808 0035, that's 013 808 0035 or you can go to property hub dot net slash
0:35.0	ask. Either way, leave us a voicemail, get your question in and we will love to answer
0:39.6	it for you and let's do that right now for Laura.
0:43.0	Hi Rob and Rob, it's Laura here, I'm 28 years old from ethics. I've recently really enjoyed
0:48.4	binging on your property podcasts, so thank you so much for that and it has led me to ask
0:53.1	for some advice personally. So I built my first property, which was a two bed flat six
0:57.9	years ago. It was a new build, I've absolutely loved it, but it's time for me to move on.
1:03.0	I've had nothing accepted on a four bed detached house, not too far away, also relatively
1:07.8	new build. I'm lucky enough that I can afford to buy the second property without having
1:13.5	to use the equity from this flat, so although it will be tight along with the ridiculous
1:19.1	stamp duty prices at the moment, I can keep the flat. The question is, shall I keep
1:25.6	the flat rented out, the rent I could get is 1400 a month, I'm encouraging my mortgage
1:30.8	on it is 800 over I think 22 years. Shall I keep the flat rented out, deal with the hassle
1:37.6	of people living here, or shall I sell the flat, use a large chunk of the equity to put
1:44.4	much bigger deposit down on the house, so I don't then have two large mortgages at the age
1:49.2	of 28. I'm doing this on my own as well, so I don't have help from other people to share
1:53.6	the mortgage with, so it will be a lot of risk for me. So that's the question, keep the
1:59.0	flat or sell it. I've already signed up to your portfolio app on the waiting list, I'm
	...

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