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kate6000
Posts: 69 Forumite
Hi
Im hoping people can help with a bit of an odd situation I am in
I bought my property in Oct 2007 for 194k then spent 20k doing it up
During this time I went through 2, two year fixed rate mortgages with RBS then recently changed to a First Direct tracker
During the last 5 years me and my boyfriend have got engaged and due to marry in a few weeks
He is in the forces and has been posted at the end of this year to an area that is not commutable from where I currently live and work so I am now weighing up the options of what to do with the house.
As I can see the options I have are:
1 - move with him when he goes and put the house on the market as soon as possible - has the risk of not selling and moving without a new job lined up meaning now money in and mortgage out, this would be possible for 12 months due to savings but would not really like to leave the house unoccupied for that long
2 - stay here until the house has sold - this could be a long time but I would be able to keep the income coming in during that time
3 - rent out - as im with First Direct I would need to change to a buy to let mortgage, by my maths I would need to pull in £920 a month to break even (mortgage on buy to let rate, insurance, boiler cover, maintenance costs etc) and properties in my style rent out about £900 round here so its tight
As my crystal ball is broken at the moment im not able to predict house prices but wondered what people would do in my situation
All thoughts welcome as I want to ensure im considering everything
thanks
Kate
Im hoping people can help with a bit of an odd situation I am in
I bought my property in Oct 2007 for 194k then spent 20k doing it up
During this time I went through 2, two year fixed rate mortgages with RBS then recently changed to a First Direct tracker
During the last 5 years me and my boyfriend have got engaged and due to marry in a few weeks
He is in the forces and has been posted at the end of this year to an area that is not commutable from where I currently live and work so I am now weighing up the options of what to do with the house.
As I can see the options I have are:
1 - move with him when he goes and put the house on the market as soon as possible - has the risk of not selling and moving without a new job lined up meaning now money in and mortgage out, this would be possible for 12 months due to savings but would not really like to leave the house unoccupied for that long
2 - stay here until the house has sold - this could be a long time but I would be able to keep the income coming in during that time
3 - rent out - as im with First Direct I would need to change to a buy to let mortgage, by my maths I would need to pull in £920 a month to break even (mortgage on buy to let rate, insurance, boiler cover, maintenance costs etc) and properties in my style rent out about £900 round here so its tight
As my crystal ball is broken at the moment im not able to predict house prices but wondered what people would do in my situation
All thoughts welcome as I want to ensure im considering everything
thanks
Kate
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Nobody got any suggestions????0
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