My Organised House Move

dopester

Great thread.

Just.. I can't help but notice, now you've realised all the advantages of keeping your existing house and renting it out, that you've listed 'extra income' twice. Hehe. Suggest you keep calm about the extra income for you can't spend it twice.

Apart from that, yeah, and I think you've covered all the downsides to renting out your current house, such as paperwork, limiting emotional attachment to property whilst you rent it commercially in the market ect.

The advantages would outweigh that if your kids have option of having it as their home, or a valuable asset, as per your longer term objectives for the future with your plans.

Well done on getting an eager tenant so quickly. That's quite a big margin of return for market rent over your mortgage payments. Keep us updated please.

gingernutbizkit

Thanks Dopester!

Quick update. Mortgage company has said that if my accountant can do the tax returns and provide them info today then they will look at it. However, contacted accountant and their internet server is down and unlikely to be up and running today. Grr!

Just a waiting game now...... (and I've never been good at playing that game!)

Ging x

gingernutbizkit

Accountant has called to say they are now up and running on their internet server and will be doing my return as a matter of priority. They have kindly agreed to email me the info as well as posting it. Hopefully that way I can email it over to the mortgage company via my broker and get the ball rolling again.

Damp report has come back to say that there is no issue in the new property - phew!

Heating engineer has been out this morning to do the gas cert for the rental. I also talked to him about the solid fuel heating system at the new place and he has agreed to come out and have a look once we have the keys and discuss a better system for us.

Just hoping now that the accountant can get the info to me asap.

Ging x

gingernutbizkit

Accountant info emailed over to my broker at 4.55pm! Now just have to wait (again) to see what the mortgage people say.
Another long night ahead....

ukmaggie45

Good luck!

Careful_with_that_Axe

^ Wot she said I remember something similar happening to me a long time since and my head nearly exploded with the stress.

BTW, I don't know whereabouts in the UK you are, but I thought your removals quote wasn't too bad. I moved a distance of about 20 miles from 3 bed house to 3 bed house, with only me, i.e. no kids toys, others detritus etc and it cost nearly £400. If you are doing the move yourself, I would really suggest at least one extra pair of hands if possible (on top of what you already have organised). Some larger items may need 2 to carry and one to go "left a bit". You can also set up a chain from house to van for boxes.

gingernutbizkit

Afternoon folks.

I'm having one of those days when i just can't seem to get my bum in gear!

I contacted the broker this morning and got them to email the info over to the mortgage company then and there. I have been told to expect to hear about it on Monday. MONDAY??? That's like 5 days of worrying :(:(:(:( I'm hoping that it'll be quicker than that. I also hope they will see that we are good for the full amount we have requested otherwise I don't know what we'll do.

We have a final viewing of the house on Friday to get measurements for blinds, new cooker etc so I need to work out exactly what measurements we need. I'm not looking forward to going there with the uncertainty of the mortgage being allowed.

We also have our tenants coming on Saturday to show their children around so it feels like there's a lot resting on this decision.

I AM SO STRESSED OUT RIGHT NOW!!!

I sort of don't want to get on and do anything more in case it all falls through. Argh!

Ging x

gingernutbizkit

Btter news but still not brilliant. Mortgage company have increased their offer from £182,000 to £212,000 but this still leaves us short £27,000. The issue is down to my self employed earnings and there are two basic problems.

Firstly I have 3 years of account but the first year is only for 7 months as I started work in the Sept. The mortgage company are averaging my earnings though over 3yrs (36 months) instead of 31 months. Secondly, I turned over £11,000 in those first few months, £54,000 in my second year and £64,000 in my third year. I have a virtually guaranteed income for the next 10 years of £60,000 however in including the £11,000 this alters the figures and brings are income average down.

Basically the mortgage company have come to the conclusion that we can not afford to pay the mortgage and live. After paying the mortgage we have £4500pcm left which is three times what we were surviving on 2 years ago!!! I know we can comfortably afford it as our mortgage will be £1700pcm and for the last two years we have been saving £3500pcm.:mad:

Our broker says not to worry because we will be able to get a mortgage elsewhere but the fees will be higher and it will take us longer.

:mad:i am really frustrated and hate everything being so up in the air. Off to the allotment I think for some peace and quiet.

Ging x

SuzieSue

That's ridiculous. You really need to appeal to someone senior at the mortgage company. It seems to me that some clerk has just put the (incorrect) figures in to the computer and the computer has said no.

It just needs someone with a brain to look at the figures - there is no way someone should be penalised for not having 12 months of figures in their first year.

gingernutbizkit

I agree Suzie and I have asked my broker to go back and have that very same conversation with them. I of course am not allowed to talk with them because only brokers are as 'they understand how mortgages work' as I was told today. I asked him how difficult it was to understand that I borrow money from them to buy a house and then spend 25 years repaying that money plus an extortionate amount of interest which then pay the salaries of idiots who can't seem to do basic maths.

I promptly apologised..... but only because I want a mortgage!

Ging x