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Should I Rent Out My House To Get Out Of Negative Equity ?
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If the noise is that bad your tenants are going to keep leaving as soon as they can anyway, which is a very expensive way to do things, and leads to a lot of gaps. How far in NE are you? Could you not overpay like mad for 6 months in order to sell?Debt January 1st 2018 £96,999.81Met NIM 23/06/2008
Debt September 20th 2022 £2991.68- 96.92% paid off0 -
The thinking behind my idea is to rent for a year or two and hopefully have saved enough to at least get out of the negative equity (house prices rising + savings).
Unfortunately you're assuming house prices are going to rise over the next few years. While there have been rises reported by Nationwide over the past few months, that's based on a very low number of sales and mortgage lending is still at very low levels. The likelihood of house prices going up (when they're already very high based on historical averages) while unemployment is still rising is very slim indeed and if you're basing your plans on that you're taking a gamble.
Have you talked to your lender about selling and taking out a loan to cover the shortfall?0
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