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Do you think the mortgage co's will provide a decent valuation at the moment? Serious question - it's possible we could move by getting the equity from my other place out via a new BTL loan.
Other things that might concern you -
the govt. has been attacking private landlords for some time by eroding financial incentives. I'm not sure if there's anything left for them to take, but they could do more. Who knows.
additional stamp duty although you can get it back if you don't rent long term
once in, it's difficult to get out. Rented properties are hard(er) to sell
Howard-
Do you think the mortgage co's will provide a decent valuation at the moment?
Good question. My broker says that he hasn't seen evidence of valuations dropping yet but all valuations have been put on hold whilst we are in lockdown so who knows what will come out the other end. If valuations do drop then we'd have to reflect that in our offer.
Yes, the tax situation is pretty poor. The only further adjustment I could see would be removing the tax relief on the interest (or just an increase on tax rates across the board) but that wouldn't be a huge impact on me.
Realistically the additional stamp duty pushes it over the limit for me and I would need the vendor to drop the price somewhat to take that into account.
I have been pondering about the awkwardness of selling whilst tenanted. I guess you stand a fair risk of an empty period with the associated costs.
aggi
Yes, if I remortgage my current place at 75% LTV I'd release enough equity for a 25% deposit on the new place.