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How to sell fast with little equity, or lease option?
Comments
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Hi, renting out your property sounds a good option - did you look into the rental market? would it cover the mortgage?0
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quote "Just contacted current lender, and yes I can! Never knew that was possible. Thought if I wanted to rent out I'd need a buy-to-let with a ridiculous deposit."
We are with alliance&leicester, we told them we wanted to rent out our house, and buy a 2nd one. They grant us Consent to Rent for £95 a year, we also kept the residential mortgage, so no higher interest rate or deposit, and we changed to interest-only mortgage for £50. I believe we can keep the mortgage like this for 3 yrs. Then they will want us to change it to a buy-to-let mortgage, also after 3 yrs, if we sell the first house tax man will want capital gains.. just a few points we have experienced...Sealed Pot Challenge #775!!! :j0 -
Sorry it's been a while to reply
House is about to go on the rental market along side selling, so will see what happens first. Well, as soon as C&G give us consent. They said that it shouldn't be a problem as long as we've had the mortgage for at least 6 months. And they charge a one off £225 fee.
The rental market here will bring in about double our mortgage payment (currently on a very good rate) before expenses. Even if it sits empty for a while, we've done some number crunching and affordability is not a problem.
House prices here have gone from £130k upto £140 down to £110, now currently around £120, so at least that way things are on the up.0 -
You do not say where you live?
In many areas developers will take your old house as part exchange. I doubt they would give you top dollar, but some advertise they will match valuation. :beer:"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
The house we're going for is less than what we've currently got. A bit of a down size. Developers only offer part ex if you're upgrading, which we can't afford to do.
We're in the wonderful world of Wisbech. But I'm not a local! I've only got 10 fingers and 10 toes!0
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