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Buy-to-let in an over 55 development?

If I bought a flat in an over 55 or 60 block, could I rent it out as an investment? Perhaps in Hereford, Herefordshire. What is a shared ownership?

Asked on Jul 5 2013, General in London | Report content

Answers (1)

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  • Hi zooplak8, In investment terms at the moment, putting money into buy-to-let projects for those over 55 years old can be a great tactic to take, as a new survey has shown that there are more and more people from this demographic coming into the rental market at the moment. However, in terms of whether you can rent out something you have already bought, this will ultimately come down to the conditions of your mortgage. It may be the case that you have a product that would not allow you to invite tenants in to pay, so it would be worth speaking to your bank to see if this is something that is permitted. Shared ownership is something that is arranged through housing associations for people who are unable to afford to buy a house on the open market, and it is a scheme whereby people buy just a percentage of their house, and pay rent on the rest until they can afford to up their percentage piece by piece over time. Many thanks, Scott

    Answered on Jul 15 2013, Report content

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