This is a tricky one...

watcher27

dunstonh wrote: »

Technically its possible with some lenders. However, it doesnt change the fact that when interest rates go back up and the OP cant afford to make the payments, it will be his mum they come after for the debt. Not the OP.

Exactly, which is why that idea is a no go, i didnt really think it through before posting it

Chinkle

I think renting out is risky in your situation as it involves a financial gamble, ie being able to cover void periods in rent, paying for insurances, gas certificates etc, fees to consent to let from mortgage company and probably a hike in interests rate they charge to cover this.

I would certainly get that paperwork sorted to renew your IO deal. Things are tough at the moment and its "how long is a piece of string" trying to guess when things may turn around for you.

In the meantime, use this site and forums to see how you can make savings/cutbacks/up your income to help you find ways to potentially make some overpayments on the mortgage in the coming months/years.