Rightyo. We own our house outright, and now our son is ready to leave school we’re not tied to this local area any more so we’ve been thinking about renting out this house and buying another one to live in, taking the rent as income which will pay or at least boost our mortgage payments.

I suspect since we will only have one mortgage the banks will be fairly approachable on this subject but I’d be interested to hear other people’s experiences in this area. What should we look out for, any suggestions on how to approach the renting market, that sort of thing. Any help, as always will be appreciated.

If we were looking at around a 200k mortgage that would be what? a grand a month?

you would be better putting the mortgage on the house you are renting out – that is more tax efficient I believe ( but take real advise obviously) as you can offset the interested paid against the income for tax purposes

easy enough to get a 75% buy to let mortgage

when doing your sums only assume 9 or ten months rent a year – in case of rent arrears / empty periods or repairs. If you use agents remember they like a decent cut and are generally fairly useless

depends on the house and the area what sort of rent you want to do. Students / hmo will give you most income but most hassle. You cannot have more than 3 unrelated folk without it becoming an HMO and needing a higher standard of safety measures.

Thanks TJ, sorry for the delay in responding. I’ll have a look around some legal people. Ta.