Ruth and Andy Higginson
Ruth and Andy Higginson are both experienced landlords with a property portfolio comprising three student lets, an office building which is currently being converted into twelve apartments and a holiday property in Spain.
When they started thinking about buying a home which they could eventually downsize into for their retirement, their instincts naturally turned to buy-to-let as an option. By buying a property and then letting it out, they could purchase their future home at today’s prices and benefit from rental income until they were ready to sell their existing home and relocate.
Andy explains their thinking: “We understand the buy-to-let market and the challenges of owning and renting property. With two children at that stage in life when they’re leaving home, we realised it wouldn’t be too long before our existing house was too large and too expensive to run for just two people.
“We had spotted the perfect house in Dedham, in the heart of Constable country in north east Essex. Dedham is a much sought after village and the property is a three-bedroomed cottage dating back to the 16th century. Located in the centre of Dedham it has excellent parking and also an annex, which will enable it to be extended into a four bedroomed house in due course.
“We were on holiday in South America when the opportunity to purchase the cottage arose. Arranging a mortgage was not, therefore, the easiest of tasks from the other side of the world! However, a broker researched the market on our behalf and recommended Saffron Building Society, which was marketing a competitively priced buy-to-let deal.
“The mortgage suited our needs well and the Society was able to offer us the loan we required of £245,000 on a property valued at £500,000. The paperwork has all been completed without any problems and the service we received from Saffron Building Society was very good.
We’re looking forward to taking possession of the latest addition to our buy-to-let portfolio and then moving to the centre of Dedham at some point in the future.”