We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
mortgage company decision on allowing us to let our house
Comments
-
Yes the property we will be moving into is mortgage free and rent free, we are care-taking it for a year.0
-
The house we want to let out has a repayment mortgage on it.0
-
So you'll have a tax bill. Only the interest is deductable. Take a look at the tax links on my previous post.Trasijocha wrote: »The house we want to let out has a repayment mortgage on it.
The lender may be concerned about your security of tenure with this, AND what happens after a year.
Yes the property we will be moving into is mortgage free and rent free, we are care-taking it for a year.0 -
Do you intend to let your house for a year and then move back in ?0
-
Not sure yet, we are moving into mother-in-laws house to care-take it whilst an extension is being built so it could be a year or it could be longer, we do not want to sell as we might want to move back in after the year but hopefully not.0
-
Would I be better going for an interest free mortgage ?0
-
Trasijocha wrote: »Would I be better going for an interest free mortgage ?
That one always makes me smile :-)
Interest only might be an idea, but if it's only going to be for a year there are arguments for keeping the repayment.0 -
LOL, I mean interest only mortgage:rotfl:0
-
Don't let the house: you don't need to.
Don't go onto an interest-only mortgage: it makes more sense to stay on a repayment one and pay down the principle of the loan and be mortgage-free earlier.
This might seem like a short-term solution to live rent-free and earn a load of rent but £50 a month isn't it. The cost of having tenants in there while you pay tax on the rental-income could see you making a loss. A loss with quite a few risks attached to it as well.
I wouldn't countenance it and I think you'd be barking to do it.0 -
So ok, we have this property that we can move into rent free and we also have a property that we have a mortgage on. Obviously we are trying to cut down our expenses so what would you do?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards