How to save for rental property when paying a mortgage???

smiales

Hi everyone,

Basically the title says it all, we currently pay a mortgage but its a lot of money and we are considering renting but how on earth can we do this when we pay the mortgage? We are assuming its highly likely that we will have to pay 6 months up front due to the BR and there is no way we can save that aswell as paying mortgage. Any idea's? What have other people done?

tigerfeet2006

If you are going to hand back the keys for voluntary reposession then you can stop paying the mortgage and save the money for rental.

Have you taken professional advice from one of the debt charities, if not ring Nat. Debtline and have a chat with them.

smiales

tigerfeet2006 wrote: »

If you are going to hand back the keys for voluntary reposession then you can stop paying the mortgage and save the money for rental.

Have you taken professional advice from one of the debt charities, if not ring Nat. Debtline and have a chat with them.

Hiya,

Not spoken to any organisations as we went BR last August so we've done that already really - unless we should speak to them again.. I've heard some stories about the voluntary repossession idea, heard you are liable for all the payments you miss until the mortgage company sell the property and then any shortfall on sale - is this defo the case or are you out of it once you hand over those keys? We're still paying and are up to date but the payments are crazy and next year the interest rate is set to increase over 2% which will make it impossible to cope.

tigerfeet2006

To be honest I am not 100% if the shortfall will go into your BR or not as you are already BR. This is why you need to get professional advice. They are not just there for the BR, the charities will help you with anything money related and as it is to do with something so big I would ring them. Get as much information as you can.

Someone with more experiance on houses will be along soon I'm sure.

peachyprice

As you've already bought your BI the shortfall if you stop paying the mortgage will not fall in your BR, even if you did vol repo before discharge.

I guess the only way you'll be able to do it is save, save, save, and live on a very tight budget until you have enough.

smiales

peachyprice wrote: »

As you've already bought your BI the shortfall if you stop paying the mortgage will not fall in your BR, even if you did vol repo before discharge.

I guess the only way you'll be able to do it is save, save, save, and live on a very tight budget until you have enough.

Yeah that is what i thought, glad we bought the BI as we needed to cover all bases but it might turn out to be a bad move! There is no room in our budget to save a penny so we're going to be stuck.

tigerfeet2006

Have you checked out the Up your income board? Have you got anything to ebay? carboot? Can one of you take an evening job in a pub or supermarket?

dalip

Hi smailes

Have you gone back to court yet about that OR thingy yet. I seem to remember it was this month.d



Peachy your PM box is full.D

smiales

dalip wrote: »

Hi smailes

Have you gone back to court yet about that OR thingy yet. I seem to remember it was this month.d



Peachy your PM box is full.D

Thanks for asking, the date is set for next week, we sent all the info in that the judge requested ages ago and did it recorded but the OR wrote to us saying they have rec'd nothing and therefore we have this new date. We have proof of delivery but they have refused to accept it! To be fair its odd that the POD was on a saturday and OR say office isn't open saturdays? Anyhow we faxed them the info again last week and they say its rec'd but we have heard nothing else so presume the court date is going ahead? OH is refusing to go at the moment as he says enough is enough, we've done what was asked and they still won't budge.

dalip

Did you track the papers via the royal mail website?. I sent my EDREV back in april and the royal mail have lost it:mad: . So i know for a fact it does happen. Good luck for nxt wk if you can get OH to go:eek: .D

smiales

dalip wrote: »

Did you track the papers via the royal mail website?. I sent my EDREV back in april and the royal mail have lost it:mad: . So i know for a fact it does happen. Good luck for nxt wk if you can get OH to go:eek: .D

Yep and it says it was delivered! I really envy people that have good OR's because ours seems to be a flaming idiot, the RM says it was delivered, we've sent the OR a copy of POD yet they still won't accept it was signed for at their office. At least they have it now via the fax but it makes us look bad if we do go back in front of the judge. I mean how many things can go wrong to the same people - sure it will cast us in a bad light.