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Hi all I'm Nicole, Based in Manchester and looking to start my property journey in my home city. 

This is all new to me, I have some money to invest and my goal is to have a few student properties under my belt within the coming years. I bought my first flat ( first time buyer with mortgage ) in a great student area which i am currently living in for 3 months now. My partner also has a flat in the same building which he rents out to students. We would like to buy a house together in the future but don't want to sell our properties so would like to rent them both out.

The only thing I worry about is how this would affect us in the future wanting to buy a house together if we both already have properties but would like to rent them out to provide extra income to help with the mortgage repayments. Do you have to live in the property for a length of time first? Any advice/ strategies or information would be greatly appreciated!

 

I am excited to be part of the property hub community and hopefully document my journey!

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Thanks for your reply! I was just worried that it would affect my mortgage or prevent us from getting a joint mortgage when looking to get a house together. As I would need to change my mortgage to a buy to let and was worried that I would have to have lived in the flat for a period of time first? or am i just over thinking and worrying unnecessarily. 

 

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Hi Nicole, 

This is similar to how I became a landlord. My partner and I bought a new residential property (with a 5% deposit!) together and the existing property is still on a residential mortgage with permission-to-let. Once the mortgage deal expires, I will be changing it to a buy-to-let. You can only do this with only one property you own. This can usually be done 6 months after living in your existing property and in some (very few) cases, sooner! So in summary, this is a fairly straight-forward transaction and any competent mortgage adviser will be able to help you. Be aware, you will be liable to pay second home stamp duty tax which is 3% on top of the standard for every bracket, so well worth checking your figures. Hope this helps...

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