Through our years of giving our customers expert Mortgage Advice in Birmingham, our Specialist Mortgage Advisors in Birmingham have found that enquiries from renters interested in becoming First Time Buyers in Birmingham are always on the rise. They can achieve this by purchasing their rental property from their landlord.
In the landlord’s eyes, selling a property to its existing tenant can be more manageable and straightforward. Because of this, some landlords may give the option for the tenant to buy the property off them before it goes on the open market.
If you are living in a rental property and would like to purchase it from your buy to let landlord, it is recommended that you seek, Buy to Let Mortgage Advice in Birmingham to discuss the offer with them directly on a priority basis.
In the current climate, many landlords are now required to pay more tax than they would have done before due to government tax relief clamps. This can result in many landlords finishing their housing ventures and seeking another investment in a different market.
Those who are investors and are looking at remaining in their role as a landlord which in turn keeps the property market going usually work around these legislative changes. In terms of buy to let landlords, they see their property as a long-term investment. However, amateur landlords are normally aiming to make a quick investment so will sell things if circumstances don’t benefit them.
Not only do landlords sometimes benefit from this option, but many sitting tenants also find it beneficial to buy from landlords. Some of these advantages include:
In the case where you both decide on the price and it is below the property’s value, a lender may choose to put the property’s equity towards your deposit. If there is enough equity, you may not require a deposit at all.
However, If a deposit is needed, you may be wondering how much deposit do I need? Here your open and honest Mortgage Broker in Birmingham will break down how much you might need given your situation.
Once you have gotten the hard part out of the way, that being saving up for your deposit (or if the equity has been utilised for a housing deposit), then the next step is to get yourself organised for a mortgage in Birmingham.
It’s better to prepare yourself in advance, making a collection of everything a mortgage lender might wish to see. Being organised can save you time and frustration further along the process, especially if it’s something that could’ve easily been arranged at the start.