Let to buy

[user1471462428]

I don’t whether this idea is practical but just want some opinions. I’m currently living in a four bedroom house, I have a toddler and six year old. The house is worth 270,000 and I owe 86,500 on a mortgage and £15,000 on a personal loan. I’m considering letting my house as four separate rooms at £95 a week and remortgaging to buy a small flat for £150,000. I would like to keep the house but feel overwhelmed by how large it is. Having small children, a job and lots cleaning is sometimes really overwhelming! I only earn £17,000.
Does anyone have advice or opinions? Does it sound like a bad idea?

Think you'd need an HMO licence to do that and a different mortgage. If cleaning, working are childcare are overwhelming, I certainly wouldn't advise becoming a landlady.
A leasehold flat can also be a headache and the new neighbours would be a gamble. Also, how much less cleaning would there be? Kitchen + bathroom + rooms and maybe a bit less floor to mop.

Why dont you get one or two lodgers in ?

Your plan.
I dont get your maths.
You will be maintaining two houses and paying tax...

You find running a large house with kids ''overwhelming''... yet you wouldn't be overwhelmed by being a landlord of a HMO with all the stress, hassle and obligations that come with such a position??
(All whilst still having to run your own household and kids as well)

Sorry didn’t write in original op that I have been diagnosed with rheumatoid arthritis and I’m trying to look ahead to becoming more frail and looking after the children. My local council consider multiple occupancy as five people and above so I wouldn’t have to get a license. The flat I’m interested in is a third smaller than my current house, the house also has two flights of stairs which I struggle with.

I spend a day a week cleaning (if not more) and when I lived in a flat it took two hours.
The flat seems like a good idea for my mobility and independence. I have had cleaners but seem very unlucky with how flaky they are!!

It sounds like living on one floor will help. Tbh, I'd just buy a property and and invest the rest of the money but not in a rental but through ISAs etc
I think you'd struggle to even get a BTL mortgage with own income of 17k. But even if you did, investing in property requires a big buffer so that you're in a position to fork out for a new roof or a boiler if need be. Personally, I wouldn't do it with your numbers.

Put in small kitchen upstairs for your lodgers and you live downstairs
Keep the house

You'd have to pay extra stamp duty on a second home too. Why not sell the house and downsize to a flat / bungalow that suits your future needs, with no / a small mortgage?

When we were looking, most BTL mortgages needed an income of £25k+ so you might struggle with that?

Ah okay. I was hoping to pay the mortgage off whilst I’m still able to work then use rental income to live off when I’m medically unfit. Just desperate not to end up on benefits and want to keep as much inheritance/income for the kids as there will no one to provide for them otherwise. Back to the drawing board I guess. I hate the idea of having lodgers but may have to reconsider!

It’s slightly off topic but I do know people with arthritis that worked normally throughout their careers. Wouldn’t it be better to look at the best doctors to manage the condition, have an anti-inflammatory diet etc?

Bit of a crazy idea I'm afraid - you'd need a lot of money and it's a lot of stress with lots of legal obligations. I'd sell up and move to a bungalow or ground floor flat.