9:15 AM, 2nd December 2019, About 3 years ago 24
I am in the process of obtaining a mortgage for my current council flat. I have a large tenant discount so only need a mortgage of £64k. The council valued the property at £170k, but I had an estate agent value the property at £200k.
The agent also mentioned that with home improvement other flats in the blocks have sold for up to £260k. Also because it is a sort after area (good schools, close to transport links, Greater London) demand for private rental in my block is very high.
Rental income could be £1300 per month. My issue is as it is a high rise concrete block Lenders have been hard to come by and I’m worried that it will be difficult to sell for this reason in the future. Should I take the risk and buy?
I’d appreciate advice from those that have done this before or have any experience in this area.
I feel like this will be the first step into property development and the start of a portfolio.
All advice is welcome.