Rent and Move

light

Hello All,

Please can you help !! I want to rent my house (mort £336,000 DDR £1400 p/m) and move to a flat for £750 p/m saving £650 p/m is there anything I should know and is this a good idea I am on a tracker mortgage.

Any help appreciated :T

LittleMissAspie

Will your house rent for £1400? You might not get that much.

simpywimpy

and you have to get permission from the mortgage company

QTPie

light wrote: »

Hello All,

Please can you help !! I want to rent my house (mort £336,000 DDR £1400 p/m) and move to a flat for £750 p/m saving £650 p/m is there anything I should know and is this a good idea I am on a tracker mortgage.

Any help appreciated :T

You would need:
- "permission to let" from your mortgage lender (or swap onto a BTL mortgage). If you do this you may or may not be able to keep you currently VERY good rate.
- specialist LL rental insurance (if you rent out with your house with current domestic insurance AND they trash the place or burn it down, you could be left with your insurer refusing to pay out).
- unless you already know someone to rent out your property, you need to factor in lettign agent fees. If you don't want the day to day hassle of being a landlord, consider paying the Letting Agent to manage the property for you (normally 15% of the rental income a month). If you DO decide to do it all yourself, make sure you get all of the legal aspects (like contracts, deposit schemes etc) sorted out.

Am sure that there are other things... someone else will add

Good luck
QT

light

Thank all,

I have permmisson to let already and the scheme i will be n for letting will give me £1300 approx. I will have to manage all costs and maintence my self.:T

socrates

light wrote: »

Thank all,

I have permmisson to let already and the scheme i will be n for letting will give me £1300 approx. I will have to manage all costs and maintence my self.:T

So your lender is allowing you to rent the property for less than your mortgage payment every month?

Tell us more about this "scheme"

light

Sorry my DDR is £1200 not £1400 (typing no my greatest skill)

My diliema is how much TAX and what can I claim for ?:T

Millburn_farm

Tax; ask them, they are quite good