Pay off loan/save deposit....quite long

stiltoncheese

Hello everyone

Been lurking around DFW/MSE for about 18 months, but had to change my username to post (silly me used my actual name as a username).

I have been posting in house/renting board but have not had many replies, and you all seem a friendlier bunch over here, so thought I would post and see if you can help.

Basically, short history.....

Currently rent with housemate (actually my sister) but she has bought a propery with boyf and is moving out end november. My contract is officially up on 08.12.06, which is when i will move out.

I considered 'going it alone' with a first buy mortgage (having my dad on the mortgage) but I needed a 5% deposit for most lenders, which I don't have.

Then looked at shared ownership and was accepted in principle on a mortgage, but decided that it prob wasn't worth the hassle as the mortgage would have been quite high and I know that the rent/service charge would rise every year meaning eventually I would be stuck with 'half a house' and very high payments.

Yawn, are you still with me, lol.

Anyway (finally) I have decided to rent on my own for 6 months. (will explain why in a bit)

Properties where I live rent for approx £500 - £550 (1 bed) or £550 to £600 (2 bed).

As I have a loan of £7000 outstanding (56 months to go) which I want to pay off so I can save for a deposit, I thought it would make sense to pay the extra £50 or so, and look at having a lodger for the spare room (on the premis that my utility bills won't be much higher than for 1 person) and I could get upto about £280 p/m for a lodger.

However, as I am renting soley in my name, i'm not sure if you can have a lodger. I would technically not be sub-letting, as I would be living in the house. Anyone have any thoughts on this. Do I ask the L/L before moving in, or can I privately advertise and then say that they are family? I don't really want to be deceptive, but the money would be so much handier.

Right, the reasons for living alone.....

1. I do not like the idea of sharing with people I don't know, in case of arguments and not getting on, as you are basically tied in for 6 months.
2.I'm a bit anal about having a clean kitchen/bathroom which is why it works out sharing with my sis, cuz she's as clean as me (also watches the same old guff on the telly, lol)
3. I have registered to do 'adult chat lines' in the evenings :eek: when I finish work, after some info from one of the posters here, and would technically need to hog the telephone for most evenings which will not go down too well with other housemates.
4. I think sharing could cause arguments over food etc, which I just can't be bothered with (having only part use of the fridge/cupboards, and possibly no space fo a slow-cooker is criminal )
5. I like peace and quiet, and would be wary of how 'noisy' a shared house would be.
6. All of my mates either live with boyf or parents cuz they can't afford to move out, so no chance of sharing with one person who I know.

I've figured that with my income vs outgoings, I should be able to afford a place up to £600 p/m, pay the bills and with the bit extra from evening work have a life and save a bit to pay off my loan.

A little bit about me.... I'm single, only have my loan as debt (£7037.35 to settle, 6.4% and 56 months to go after 01.08.06) and will be doing the following when I move out......Freeview, PAYG phone (after 07.11.06 contract up), hoping to change car to a cheap second hand smart car to save on petrol, and tax (need it for work, not on any bus routes to my job), investing in slow cooker (always wanted one, always laughed at!!! Now, my own house my own rules, lol). Me and sis only spend about £90 p/m on food/cleaning stuff, so i reckon it will cost be about £50 p/m single (plus the £3.50 p/w i spend on my lunch at work)

Anyway, i've waffled on for long enough.

Any thoughts?

PeachPickle

Hi stilton,

Don't know anything about subletting I'm afraid, but you look pretty organised and that always deserves a :T I think!

Have you tried making two incoming/outgoing soa for both scenarios (alone and sharing) to compare?

rosysparkle

As a general rule, subletting is expressly forbidden in an assured shorthold tenancy agreement. You could try and get this clause removed with permission from the landlord, but it may not be possible. If you could find someone with whom to share, you could enter into a joint tenancy agreement and share the rent and bills in whatever proportion seems fair.

TBH it doesn't sound as if you'd be happy sharing or taking in a lodger, so it may be better for you (though not as good for your pocket) to rent on your own.