Hi, anyone in Property in the U.K. who could offer some advice on letting to buy?
I renovated our family home over the last year or so. Did it to a high spec and we're located within a couple of miles from 3 of the top state schools in Scotland. My son is only a year old so no requirement for schools at the moment. As such I wondered whether letting to buy was a feasible option. Obviously buying further away from home to leverage off cheaper properly prices and potentially down sizing.
Primarily so I don't have to work so much, and can focus my time on family and other business ventures.
Our house could let for 2 k per month and I need approx 1.1k to cover our mortgage here.
Obviously there are tax / stamp duty / maintenance and general tenant Issues / implications but has anyone pursued the let to buy option with view of avoiding the 9 – 5 grind?
I figured with the “”free” cash, less tax, I could mortgage a place for circa 600 a month.
Thoughts and advice greatly appreciated.