A Way Forward?

Having trouble selling a property right now? You will be aware that the sales market has slowed considerably. What is the answer? Reduce your price. There is a buyer for every property if the price is right! But I can’t afford to reduce the asking price!

There is another option – this one could not only enable you to move home when you are ready, but will also provide an income and allow you to delay your sale until the market improves. This option is letting.

Due to the pressures of the credit crunch the demand for rental property is better than it s ever been. No longer are people looking for one or two bedroom properties for a short period of time. Now we have enquires from people in all walks of life wanting anything from a one bedroom cottage to a five bedroom Victorian des res! Properties can be let for six months or longer giving everybody a chance to sit back and watch what happens in the property market while providing a much needed income.

But how can I afford two properties?

Speak to an independent mortgage advisor about a 'Let To Buy' mortgage, an alternative to the well-known 'Buy To Let' option, which allows you to borrow money to buy a new home to move into, while your existing residence is let out to tenants. An independent advisor has access to a variety of mortgage products available and will be able to hopefully find a suitable product for you.

Finally you may find you enjoy being a ‘reluctant’ landlord and want to continue into the future, maybe even adding additional properties to your portfolio!