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Renting - mortgage dilemma HELP!
Kate_flygirl
Posts: 1 Newbie
Hi all
I'm new to the forums but would really appreciate some advice with regards to my mortgage.
I needed to move areas for work purposes but had a small terrace property mortgaged with Kensington which I looked into selling this so I could leave the town but I was in such negative equity, selling wasn't an option so I decided I would try renting it out. A friend of mine needed a place to rent so I've rented the property for the same amount as my mortgage (I don't make any profit). Some time after I realised I was required to inform my mortgage company and obtain landlords insurance. I did this but then Kensington began requesting approx £70 per month for renting it. I can't afford this anymore and stings that I'm paying to rent out my house when I what I'd much prefer to do is get rid of the thing! I feel very trapped and would really appreciate any advice on what I can do. Is there a way around this additional cost? Can I change mortgages or this across the board?
Help! I'm sure people have much more knowledge on this matter than I !
I'm new to the forums but would really appreciate some advice with regards to my mortgage.
I needed to move areas for work purposes but had a small terrace property mortgaged with Kensington which I looked into selling this so I could leave the town but I was in such negative equity, selling wasn't an option so I decided I would try renting it out. A friend of mine needed a place to rent so I've rented the property for the same amount as my mortgage (I don't make any profit). Some time after I realised I was required to inform my mortgage company and obtain landlords insurance. I did this but then Kensington began requesting approx £70 per month for renting it. I can't afford this anymore and stings that I'm paying to rent out my house when I what I'd much prefer to do is get rid of the thing! I feel very trapped and would really appreciate any advice on what I can do. Is there a way around this additional cost? Can I change mortgages or this across the board?
Help! I'm sure people have much more knowledge on this matter than I !
0
Comments
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Charge your friend the extra £70?
Aside from that i dont think there is a great deal you can do.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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