OH wants to rent our house out

lulu_92

Thanks for the advice Lily and Pixie

I disagree that he will treat it like it's still his home, as I don't ever get that vibe from him when he talks about it (he bought this house knowing it was him getting on the ladder) , although I have told him that him thinking that this is a big pile of money waiting for him is ludicrous.

But I agree, it's ridiculous to sacrifice us having a really nice home just so he can fulfill this desire.

lulu_92

ellesbellesxxx wrote: »

HI Lulu!
So does that mean your money will be the deposit for the new house...the 6/7k? If so, you will have a massive mortgage to repay. We managed to save 25% deposit (well, we borrowed 8000 at the time from my parents to make it up to that, only got 5800 to repay to them now) which meant we got a better mortgage rate.

We rented out my husband's flat, instead of selling it, as we had had hardly any interest and only one pitiful offer (which would have left 2k after fees!) in 10 months on the market. At the moment, we are covering the costs on the rented property and luckily have had a fantastic tenant in for 18 months. However, we know that this is pure luck and only temporary. We would like to sell it really and pay off a chunk of our mortgage however whilst we have a good tenant we are best off them paying down the mortgage for us!


I can see both sides but with what you have said about the deposit you will have then I would sell it. xx

Hi elle!

Yes pretty much. We would have to start looking towards the end of the year with this plan so we have a better looking deposit.

Kevie192

I doubt you'd even get another mortgage while you still have the other, unless the first mortgage is really small or you earn a lot.

I'm afraid this seems like it has disaster written all over it...

lulu_92

Kevie192 wrote: »

I doubt you'd even get another mortgage while you still have the other, unless the first mortgage is really small or you earn a lot.

I'm afraid this seems like it has disaster written all over it...

Just to clarify, I'm not on the current mortgage. OH bought it 4 years before he met me.

But yes, I agree it has disaster written all over it.

Kevie192

So he isn't going to be on the new mortgage or is he?

Either way, like I said unless the original mortgage is a tiny amount or either you alone or together earn a lot I'd be surprised if anyone would lend to you...

Mojisola

lulu_92 wrote: »

OH and I are looking to buy a house this summer.

OH now wants to keep his house and rent it out. This would mean we would not be able to afford a bigger house (which is why we want to move as we're trying to start a family), and I doubt any rent payments would cover the mortgage on the rented property.

If the only reason you want to move is to get a bigger house but this scheme won't allow that, why are you moving?

lulu_92

Kevie192 wrote: »

So he isn't going to be on the new mortgage or is he?

Either way, like I said unless the original mortgage is a tiny amount or either you alone or together earn a lot I'd be surprised if anyone would lend to you...

His idea was to just put me on the new one..

This is what I mean. I think he is under the impression that they will just take my money into account and not his but I know this isn't true.

Also, the amount the bank would lend me on my own wouldn't be enough for a decent sized house in my area. We would be better off not moving in this case.

elona

So if anything goes wrong and you split up he still has a house in his name that presumably he can afford on his own and you would have a house you cannot afford in your name only so he would not be responsible for the house at all?

Sorry to be so cynical.

lulu_92

elona wrote: »

So if anything goes wrong and you split up he still has a house in his name that presumably he can afford on his own and you would have a house you cannot afford in your name only so he would not be responsible for the house at all?

Sorry to be so cynical.

:rotfl: I just said this.

I hope that isn't the reason, I did ask him about it before and he assured me it's not, but it is a thought that worries me. Which is why I am not agreeing to it.

lulu_92

Mojisola wrote: »

If the only reason you want to move is to get a bigger house but this scheme won't allow that, why are you moving?

I agree with this. The house we are in is tiny and I don't think we'd get much more space in another house with this scheme. OH is confident we will get everything we want by doing this but I don't think so.