Private Rent and BR.

Sammy3008

nervousmother wrote: »

I noticed your mortgage is a lot lower than the rent you will be paying, have you not thought about trying to keep the property? without all the other debts would you not be able to afford the mortgage?

It depends when you go BR regarding the rental, I work in residential lettings and my experience is that landlords mainly accept a BR tenant as long as no fraud comes up on credit checks. Like I said earlier there are alot of empty properties around that need tenants. The just like tenants to be upfront with them.

To be honest we are wanting to be away from this whole area, its an awful place to be, and plus the property will need money spending on it, sometime soon.

If we were to look at going into rented accomodation, before my DH goes BR, how would we approach the LA or LL, what would/could we say? Could we maybe look at moving into the property and waiting 3 months or so, to prove we can/will pay the rent?

Or viceversa, how would we approach them, if my DH is already BR?

Angiepange

I emailed loads of LA explaining that we are thinking of voluntary repo of our house, we have a dog and we may be petitioning for BR in the near future. I said i wanted to be honest about our situation.

I got good response back, suggestions from them at how we could get into rented and appreciation that we were being honest. It was followed by a few calls to us from LA's with properties that could suit us. I viewed a couple but i think you have to be ready to go ahead when you find one you like as in my area apparently the market has speeded up and apparently there are alot of people looking to rent.

Angie x

Sammy3008

Angiepange wrote: »

I emailed loads of LA explaining that we are thinking of voluntary repo of our house, we have a dog and we may be petitioning for BR in the near future. I said i wanted to be honest about our situation.

I got good response back, suggestions from them at how we could get into rented and appreciation that we were being honest. It was followed by a few calls to us from LA's with properties that could suit us. I viewed a couple but i think you have to be ready to go ahead when you find one you like as in my area apparently the market has speeded up and apparently there are alot of people looking to rent.

Angie x

Thank you Angie, I will do this.
Are you any nearer finding anything?

Sam.

Angiepange

Sammy3008 wrote: »

Thank you Angie, I will do this.
Are you any nearer finding anything?

Sam.

No afraid not we are still holding off until my CAB appt on Monday. We have planned to go BR in August and i have spent a long time getting info( long nightmare story!)

some advice has been get out and rent, house is in neg equity and we have a huge (for us) mortgage (no arrears) on mostly interest only and 40k unsecured debts.

others have said stay in house and go BR as OR unlikely to have an interest in it cos of NE and continue paying mortgage.

Its a dilemma cos to rent round here is same as mortgage payments. Just thinking long term when off our fixed rate and could be faced with much higher repayments? God i wish i knew what to do for the best!

DH thinks probably move out, fresh start, clean break and all that but im just scared!! No experience of renting, worried about dodgy landlords and just worried how kids would find it all, they are already being affected by stressy parents and i just need to make the decision and go with it.

Hoping for some good advice from CAB

Angie x

Sammy3008

Angiepange wrote: »

No afraid not we are still holding off until my CAB appt on Monday. We have planned to go BR in August and i have spent a long time getting info( long nightmare story!)

some advice has been get out and rent, house is in neg equity and we have a huge (for us) mortgage (no arrears) on mostly interest only and 40k unsecured debts.

others have said stay in house and go BR as OR unlikely to have an interest in it cos of NE and continue paying mortgage.

Its a dilemma cos to rent round here is same as mortgage payments. Just thinking long term when off our fixed rate and could be faced with much higher repayments? God i wish i knew what to do for the best!

DH thinks probably move out, fresh start, clean break and all that but im just scared!! No experience of renting, worried about dodgy landlords and just worried how kids would find it all, they are already being affected by stressy parents and i just need to make the decision and go with it.

Hoping for some good advice from CAB

Angie x

It sounds a little like our situation.
Had some great advice on here, but never know what to do for the best really.
Our house is in NE, plus DH has a get out clause if my DH come's away from the mortgage before 2012.

We are hoping to go BR in September now, had a long hard chat tonight, and because my DH company, who he works for, closes for 2 weeks beginning of August, its abit late when they go back on the 17th to speak to HR, to get them to change Bank accounts etc before he gets paid again on the 25th August.

At the moment, we are paying interest only on the mortgage, until next March, when it then goes back upto £495 per month, we also pay an unsecured loan on top of that, so brings that one payment to £650.74 excluding the other debts.
Beginning of this year, we ended up going with a Debt Management Company, as just couldn't get by, wish we'd have done the BR thing then, but hindsight is a good thing.
Since paying the DMP, its made things slightly easier, but then those debts are going to be around DH neck for 44 years :eek:

We had a bad experience renting, 6 years ago, but that rent was through a (ex) friend, which made it worse!

Its why I want to go ideally through an agent now, but the deposits they require and/or a guarantor, I'm not sure we could do it, both financially and find a guarantor.
We have two young children, 5 & 3, and I've never been such a horrible mother, I'm snapping at them far to often, for things that are silly.

Really do hope it works out for.

Sam. x

Angiepange

Hi Sam

Thanks for your reply, my kids are teenagers and they pick up on everything!! I must say its been great sharing experiences on here and reading others posts, for me a life line as i dont know anyone else in same situation.

I wish you all the best in what you decide, if i found out any more info that might help i will let you know.

Angie x

Sammy3008

Angiepange wrote: »

Hi Sam

Thanks for your reply, my kids are teenagers and they pick up on everything!! I must say its been great sharing experiences on here and reading others posts, for me a life line as i dont know anyone else in same situation.

I wish you all the best in what you decide, if i found out any more info that might help i will let you know.

Angie x

Thank you Angie.

I will do the same for you.
I swear people on here keep getting fed up of me doing the SOA but I just want to make sure we are completely correct Plus I am re-laying the info back to DH, so got to get it right, haha!!

People have been fantastic on here, its just some incomings like DLA, Tax Credits etc that make it even harder, but after a post earlier it's made things a little easier.

Will be contacting agents tomorrow, and maybe Private LL, but a little unsure about that one, they can't all be bad though.

Best of luck what-ever you decide, if you go through this before us, please do keep in contact, feel free to PM me at anytime.

Take care, Sam.

Sammy3008

Well I have contacted a couple of agents, one said they could probably help us, would depend on LL, and they may want 6 months rent in advance, !!!!!! :eek:

I have just seen a gorgeous property, in an area we were looking at, for £550 PCM, have emailed the LA, so we'll just have to wait and see, keep fingers crossed

ladylumps45

well heres what happened to us.
we were living in a terrible area and found a better place which we really wanted and that would accept our 2 dogs.we were worried that if the land lady knew that my husband was going BR the following month she wouldnt let us have the house so we never told her.
the credit checks were done and came back fine as only one payment had been missed on finances and hadnt reached his credit file yet.we moved in and a few weeks later he was declared bankrupt.
he asked the OR not to tell our landlady as we had children and were worried about getting evicted etc and she said that she had to inform the land lady by law.
we decided then that it was was better she heard it from us than the OR so hubby rang her and she already knew! they had written within 2 days to inform her.she was ok about it but said that she wished he had told her before.he assured her that the rent would be paid on time always and explained the reasons for having to go BR and she understood but i think she felt deceived and i dont blame her.
we were wrong for not telling her and my advice is to be honest.
good luck