We get multiple enquiries daily from customers looking for specialist mortgage advice in Birmingham. A large portion of these are customers renting from a landlord that is wanting to sell them their property.
From the standpoint of a landlord, selling a property to their current tenant can be more manageable. In Addition, they may give the tenant the chance to buy the property before it goes on the open market.
Because of government tax relief clamps, a lot of current landlords are now paying more tax than they would have done in years gone past, leading some to call it quits on their housing ventures and seek another investment in another market.
Investors that are serious about their job as a landlord and keeping the property market going tend to keep on going through these legislative changes. Their mindset when it comes to being a buy-to-let landlord is that their property is a long-term investment. On the flip side, amateur landlords are more likely in it for a “quick buck” and will sell if things don’t quite go their way.
It’s not just landlords though – There are also advantages to the sitting tenant who is considering buying from the landlord:
If the price you both agree on is below the value of the property, a lender may accept putting the property equity towards your deposit. If there is enough equity in there, you may not require a deposit at all.
For more information, get in touch today and receive a free mortgage consultation, we’ll gather some information about your situation to enable us to give you the trusted mortgage advice you need.