advice and info needed !

[leeandjoanne]

hi we brought out flat from the council dirt cheap and in another 2 years we can sell if we want to . we would ideally like tokeep the flat for ourpension when were older and would liketorent it out . I know we need a deposit for a second house and there no way we can even save about 10k by this time so what are the chances or remortgaging for the whole value of theflat so we have adeposit that way for a house ? has anyone else done this and what are the pros and cons if this can be done ? thanks

[dot.hawkes]

I am not sure if you are able to re-mortgage for 100% value of a property can you?

[redcrx]

depending on your current mortgage, debts against the flat, and its value you may be able to get a buy to let mortgage. A buy to let will allow you to take put a further mortgage without having to take the flat into consideration.

[redcrx]

id did give the basic info here too http://www.theanswerbank.co.uk/Home-and-Garden /Property/Question513310.html

plus, if there is a restriction on when you can sell your 'dirt cheap' ex council stock, is there anything in the contract about renting it out later rather than living in it as would having probably been the reason you were allowed to buy it.

[leeandjoanne]

we brought it and the catch was we had to kep it for 5 years before selling it . usedto be three but they just changed it as we were going though buying it . havent really looked into the contract for letting after the 5 yrs . I know the bloke 2 floors down brought his too and rented his within one week so its proberly the same for us

[Eve]

Check your lease for any restrictions.

Should be fine after the discount period has expired if no restrictions for after that. I buy quite a few former RTB properties for investor clients who rent them out.

You could get a buy to let mortgage, they would value the property and lend on the value as it stands now, can often get about 85% loan to value (ie 85% of the current valuation).