We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help!!!!!!!!!!
huddersfield_terrier
Posts: 2 Newbie
Hi .... I have just signed up this morning as I am really wanting some much needed advice....
I have a fixed rate mortgage for £104,000 taken out in 2007 . The house is now valued at an amazing £104,000. We have had it on the market since September 2008 - The area has a lot of rental properties and we have had numerous issues with Neighbours / noise etc...
We really need to move on but i am reluctant to let the house sell at the price stated // with all the houses around being rental ....the phrase
'if you cant beat them.........' springs to mind
Cheers
any advice greatly recieved
HT
I have a fixed rate mortgage for £104,000 taken out in 2007 . The house is now valued at an amazing £104,000. We have had it on the market since September 2008 - The area has a lot of rental properties and we have had numerous issues with Neighbours / noise etc...
We really need to move on but i am reluctant to let the house sell at the price stated // with all the houses around being rental ....the phrase
'if you cant beat them.........' springs to mind
Cheers
any advice greatly recieved
HT
0
Comments
-
...and your question is????"You were only supposed to blow the bl**dy doors off!!"0
-
Yeah, I was a little bit confused about that! Is that you want advice on whether or not you should rent your house out? If you won't sell for £104,000 then I assume you'll be in negative equity, so you would have to make up the shortfall in order to sell.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
-
hello - sorry I should have been more clear.....
Yes is it an option to rent out my house and get another mortgage??
HT0 -
Certainly is an option. You'll need permission from your lender to rent the property out first and foremost, then you'll need to decide if you want to manage it yourself or pay an agent to do it.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
-
huddersfield_terrier wrote: »hello - sorry I should have been more clear.....
Yes is it an option to rent out my house and get another mortgage??
HT
Shouldnt you be asking your mortgage company that. If you want to switch to a btl mortgage you'll have at least have a %age of equity.
Do you know anything about being a landlord; can you cover voids; repairs etc.0 -
If you want to let your property, you'll need consent-to-let or BtL mortgage. On either of these, lender will need a minimum LTV of 75 or 85% - therefore you would have to pay off up to 25K of your mortgage first!
We discussed this same option with our lender - decided we couldn't afford to get our LTV down far enough AND get a deposit on new property.0 -
Just to add to ruggedtoast's post, you don't necessarily have to switch to a btl mortgage, your lender may just give you permission to let, which means you carry on with the terms of your existing mortgage.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
-
ruggedtoast wrote: »Shouldnt you be asking your mortgage company that. If you want to switch to a btl mortgage you'll have at least have a %age of equity.
Do you know anything about being a landlord; can you cover voids; repairs etc.
I think the OP is looking for advice so that he is informed before approaching the mortgage company. Nothing wrong with that.0 -
princessamy86 wrote: »Just to add to ruggedtoast's post, you don't necessarily have to switch to a btl mortgage, your lender may just give you permission to let, which means you carry on with the terms of your existing mortgage.
Bt if you go down that route you may find that you are unable to get a second mortgage for a new property......0 -
p00hsticks wrote: »Bt if you go down that route you may find that you are unable to get a second mortgage for a new property......
True enough, but it's one of the options!Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards