S
steveburns
New Member
I am thinking of buying a house in the area where I currently work. I have a 4 year contract and have enough money for the house deposit whilst keeping a considerable amount in my savings. Unfortunately I am not sure wether it is a good idea as I may quit the job within the next year and may leave the area. I have already delayed buying a house for a year due to being unsure about the job and now just want to buy somewhere to get on the ladder. If I left the job I would be likely to move to London where I would not be able to afford a house anyway and therefore I want to do something with my savings.
I would only want to buy the house in this area if I can rent the rooms out to lodgers. Whilst I live in it this would be easy, however If I left I am not sure what would happen with the mortgage if I left and continued to rent the rooms out (apart from my own). If I left my job it would be in the next year, and my plan would be to keep one of the rooms as mine and rent the other two out on Spareroom. I would then use the house on the odd weekend as I would still have my room.
My question is, would I still be able to count the people renting the rooms as lodgers rather than tenants if I am not at the house much? I would not be buying elsewhere and would look to turn the mortgage to buy to let as soon as possible, as in a few of years I would hopefully have enough to buy somewhere else. I heard you need to wait a couple of years before turning it into buy to let if you left the area. The house is in a very good location and a place thats easy to rent (centre of a major UK city). It is worth currently around 130k so it is not a huge risk as an investment even if I did leave and need to sell it in a few years and has 3 rooms so I would rent out 2 (each for £350 including bills).
I would only want to buy the house in this area if I can rent the rooms out to lodgers. Whilst I live in it this would be easy, however If I left I am not sure what would happen with the mortgage if I left and continued to rent the rooms out (apart from my own). If I left my job it would be in the next year, and my plan would be to keep one of the rooms as mine and rent the other two out on Spareroom. I would then use the house on the odd weekend as I would still have my room.
My question is, would I still be able to count the people renting the rooms as lodgers rather than tenants if I am not at the house much? I would not be buying elsewhere and would look to turn the mortgage to buy to let as soon as possible, as in a few of years I would hopefully have enough to buy somewhere else. I heard you need to wait a couple of years before turning it into buy to let if you left the area. The house is in a very good location and a place thats easy to rent (centre of a major UK city). It is worth currently around 130k so it is not a huge risk as an investment even if I did leave and need to sell it in a few years and has 3 rooms so I would rent out 2 (each for £350 including bills).