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mortgage company decision on allowing us to let our house
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Everyone who has any sense is looking to cut down on their expenses but I would be looking elsewhere to make them rather than risking the roof over my own head.
A rent of £50 a month more than the current mortgage-payments is far too risky.
Would you have the savings available to pay the mortgage in full if you had a rubbish tenant who never paid a penny in rent after they moved in and it took you six months and a grand or two to get shot of them? Meanwhile they trash the place and it costs thousands to put it right before either you or another tenant could live there? This is the worst-case scenario that other people have experienced and posted about on here and is precisely the risk you might be taking. It doesn't happen to everyone of course but it does and has happened.0 -
Sounds like selling up would be your best option. Doesn't make sense to hang on to a depreciating asset when you are only clearing £50/month, and potentially facing big losses if your tenant stops paying or trashes the place.Trasijocha wrote: »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?poppy100
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