Help - Stuck in a Rut, House Problem

fairy-girl

I can relate to your situation as we are in a similar situation ourselves with having our family home and also a previous home which we were unable to sell in 2010 so rented out. The tenants have just given us notice they are leaving in February and the house will then be empty while we re-market and hopefully sell this time. We cant afford to pay both mortgages either so spoke to both mortgage companies and managed to get a 6 month Mortgage Holiday in respect of our family home. They tend not to offer this on properties where you are not resident. Can you speak to your lender to see if this is a viable option for you? At least it would give you some breathing space and time to save a bit of cash ...

Good luck with it

TheKentishMan

Hi Fairy-Girl

That sounds like a good idea, last time I looked at the mortgage contract I could have a payment holliday for so many months of regular payments. So the I might try putting up the rent and asking for a payment holiday when the tenancy expires.

Then as deannatrios suggested giving a good clean up and then take it from there

BitterAndTwisted

I'm a Londoner but that rent for a two-bed house seems very, very low to me.

TheKentishMan

:T thanks to every one whose commented, it's been really good to talk about it and I think I have a strategy. Sometimes these things bog you down so you can't see the woods for the trees.:o

fairy-girl

Glad you have that option in your mortgage terms

Also..agree with previous poster that your rent seems low. Are you doing it privately? If you are you may want to phone round letting agents covering the area as you will find some that will offer a 'guaranteed rental income' if the property lies empty.
I'm not sure of the small print but it may be something to consider. We were offered one like this but I cant remember the name but will try to find out and post later ...

They can also perhaps develop the lease to incorporate tenants assisting in showing potential buyers round, keeping neat and tidy for viewings etc if you decide to put it on the market with tenants...

Mrs_Z

Oh, one more thing to mention - not sure if Housing Associations/Councils in your area do 'Private Sector leasing' - basically, they would lease the house from you slightly below market value rent for a said period, say 2-5 years. You would have a guaranteed income, no hassle of letting, no agency fees, almost no or minimal maintenance costs. Worth looking into.

TheKentishMan

Private Sector Leasing? Not heard of that before, there are several housing associations in Leeds so I will google them as guarenteed income maybe something to consider. That way might be able to build up a buffer and the house market might of recovered a little. I don;t care about making a profit just want to break even or take a reasonable loss (1k to 3k).

I've reread my post and I only posted mortgage repayment not the rental income. rental income £425 and a letting agency take a heffy 10% which leaves me with £380 ish.

Mrs_Z

Good luck and let us know how you get on!

PS, just googled 2 bed houses for rent in LS13 and according to Rightmove, rentals vary from £440-595pcm - check out the competition!

fairy-girl

I've found the letting agency which appear to offer guaranteed rent - Northwooduk

No doubt there is a catch like higher percentage / fees etc but may be worth a look..

TheKentishMan

fairy-girl wrote: »

I've found the letting agency which appear to offer guaranteed rent - Northwooduk

No doubt there is a catch like higher percentage / fees etc but may be worth a look..

Thanks I'll have a proper read once I've finished work!