Secured Loan Option

gb12345

moneymoron1 wrote: »

I have my own house that is rented out for 600 a month

I rent elsewhere as I moved north for work

moneymoron1 wrote: »

Value is realistic I think, house isn't shared ownership, I work elsewhere and not worth selling the house as it is rented out for more than the mortgage

You're getting £600 rent a month and paying a £500 mortgage so the property is earning you £100 a month gross. Is it really worth it after you take the tax off? You are probably not making any money after you deduct agent's fees and maintenance costs.

Unless you are keeping the house because it is your dream house and you plan on moving back some time soon then you may be better off putting it on the market and clearing all your debts.

Also, this confused me:

moneymoron1 wrote: »

Number of adults in household........... 1

moneymoron1 wrote: »

i hope to buy a house with my wife at some point

Where is your wife living and does the SOA include her costs?

Moneysaverchris

WOW! it's a wonder you even got so much credit.

gb12345

myexclusiveloan wrote: »

That's really cool...

:spam: reported

moneymoron1

gb12345 wrote: »

You're getting £600 rent a month and paying a £500 mortgage so the property is earning you £100 a month gross. Is it really worth it after you take the tax off? You are probably not making any money after you deduct agent's fees and maintenance costs.

Unless you are keeping the house because it is your dream house and you plan on moving back some time soon then you may be better off putting it on the market and clearing all your debts.

Also, this confused me:





Where is your wife living and does the SOA include her costs?

I've out the SOA as if it is just me, some bills are split within my SOA so it includes her as well.

I want to keep her separate, in terms of her income, she earns similar to me

I plan to move back into my house in a couple of years and I suppose the advantage of having it is because I already have the mortgage and wouldn't have to risk not getting one because of my current mess

moneymoron1

Moneysaverchris wrote: »

WOW! it's a wonder you even got so much credit.

I agree, looking back at it now, I have no idea how I did