I need to relocate, but have only owned for 2 yrs!

rentorbuy

Hi there,

I would be really appreciative of any advice or shared experience that people may have....

My job has recently relocated, and I now have a 4 hour round commute and no life!

I am thinking about renting, but worried that this will be a hugely stressful, and costly procedure.

I bought my 1 bedroom flat in October 2007. I have a 2 year fixed rate repayment mortgage (£940). The fixed rate comes to an end at the end of Sept 2009.

I've had one rent valuation, and they believe that they can rent it for approx £650. (Plus initial set-up fess, and 8% for rental collection a month)

My train ticket costs around £300 a month.

I will need to find a houseshare/flatshare, and would most likely take much of my furniture with me, as the letting company said that in my area, most people prefer unfurnished, and also there is a cost to upkeep any damages or wear&tear to furniture.

I've never rented out a property before....

Do I make the change (and deal with the stress) or do I continue with no life and the commute??

This is really keeping me awake at night, and I would really like to hear from people who have been in a similar situation.

Many thanks :-)

Cannon_Fodder

No "relocation assistance" scheme available from the employer, I take it?

You would need to tell your lender if you rent it out, and they will change your mortgage to a buy-to-let, which could be more expensive.

Re-mortgaging could well be awkward, anyway, as in the last two years you have pretty certainly gone into negative equity...

Think you need to have that discussion with your lender, as different lenders have different policies, before you commit on rent or buy nearer to work.