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Paying 2 mortgages?? AAAAARRGGHH
oneandonlydebbie
Posts: 9 Forumite
Hi There,
My partner owns a flat on his own which we would like to sell, we had the valuer out today and we'll probably be up for sale by the end of the week, but obviously with the market being as crap as it is at the moment we have no idea how long it will take to sell.
Together we have just bought a house, although I am excited about the house, the prospect of paying 2 mortgages for the forseeable future is getting me down.
I have a friend who is currently signing on and would really like to move into her own place. We havent mentioned that we are moving to her yet. but we were thinking that rather than the flat lying empty for months and paying a full mortgage it would be better to rent it out to her and get housing benefit which might cover the majority of our mortgage.
What do you guys think? could this be done? and could anyone give me any tips and pointers as to how easy or hard this would be.
Thanks
My partner owns a flat on his own which we would like to sell, we had the valuer out today and we'll probably be up for sale by the end of the week, but obviously with the market being as crap as it is at the moment we have no idea how long it will take to sell.
Together we have just bought a house, although I am excited about the house, the prospect of paying 2 mortgages for the forseeable future is getting me down.
I have a friend who is currently signing on and would really like to move into her own place. We havent mentioned that we are moving to her yet. but we were thinking that rather than the flat lying empty for months and paying a full mortgage it would be better to rent it out to her and get housing benefit which might cover the majority of our mortgage.
What do you guys think? could this be done? and could anyone give me any tips and pointers as to how easy or hard this would be.
Thanks
0
Comments
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There are plenty of posts on this forum giving the good and bad points of becoming a LL.
But the best advice I would give, is to keep it business, appoint a 'quality' letting agent and keep business as business and your friendship with this person as just that.0 -
Pitfalls galore.... you're either selling, or renting it out - and no "mates deal" letting out will be of any use if your mate decides, or is forced, to not move out on demand. The law would be on their side too.
Selling .... or renting? You can't have your cake and guarantee to eat it.0
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