Advise please I have to rent out my flat but have a normal mortgage!

Nationalist

Wutang wrote: »

Firstly - what is "looses" and "OP"?

"OP" is Original Poster; can't help you with "looses"

IMHO, most people wouldn't tell their lender about the change in their circumstances. If the OP can sort it out so rent covers the costs then s/he is laughing.

Natty082

In same boat at the moment myself. I contacted my mortgage company. They allowed me to stay on the rate i'm on and didn't charge me administration fees! Just give them a ring see what they say (I'm only allowed to rent it out for max. 3 years though)

neas

your screwed, sell the house at a loss... don't rent it.. its a fools dream that property will recover in any reasonable time frame... where talking 5-8 years at least before its even at the value you paid for it!... do you want half the mortgage draining from your income since then?

Or do you want to cut your losses now? Only you can decide though, its big decision like.

kmgvet

Yeah i think im screwed! I think selling it at a loss is going to have to be the way to go- even if i rent it out im still throwing £6000/yr at a flat thats not going 2 give me that back in equity!