My mortgage options only owned for 1 year

getmore4less

I read the OP house is in Newcastle spends time in Aberdeen

Atechnician

She lives up aberdeen and I live Newcastle she's not in posistion to move due to studying ect

getmore4less

have you checked your insurance conditions are being complied with those long absence periods?

I think lodgers is an ideal solution to get your empty house to earn it's keep.

Chapuys

Explain more

it is costing me a fortune

Are you living on the breadline because of it. Is it half your wage? Quarter? Yes you may have £600 leaving your account every month but if you earn after tax £1,700 it is only a third and you are paying a mortgage off at a young age.

You also need to decide your priority. Do you want to live in Aberdeen with your girlfriend full time? Do you have somewhere else to live in Newcastle (parents perhaps?) if God forbid, you break up? Do you want to use the money for something else? What exactly do you want to achieve by selling.

You say you looked into letting but can't yet you don't want to lodger out rooms - how is this any different to lodgers except you 'should' be present? You worry about 'special time' but students have 'special time' when they live in a house full of other people. Get some 'lodgers' store all your private things in one bedroom as someone said, deadbolt it - even camera it so you get web alerts if it is broken into - (or store sacred items at your girlfriends) and 'lodger' out the other rooms. Visit Newcastle and use the locked room as a crash pad.

If you just want to live in Aberdeen, then sell.

Atechnician

Chapuys wrote: »

Explain more Are you living on the breadline because of it. Is it half your wage? Quarter? Yes you may have £600 leaving your account every month but if you earn after tax £1,700 it is only a third and you are paying a mortgage off at a young age.

You also need to decide your priority. Do you want to live in Aberdeen with your girlfriend full time? Do you have somewhere else to live in Newcastle (parents perhaps?) if God forbid, you break up? Do you want to use the money for something else? What exactly do you want to achieve by selling.

You say you looked into letting but can't yet you don't want to lodger out rooms - how is this any different to lodgers except you 'should' be present? You worry about 'special time' but students have 'special time' when they live in a house full of other people. Get some 'lodgers' store all your private things in one bedroom as someone said, deadbolt it - even camera it so you get web alerts if it is broken into - (or store sacred items at your girlfriends) and 'lodger' out the other rooms. Visit Newcastle and use the locked room as a crash pad.

If you just want to live in Aberdeen, then sell.

Mortgage, and all my direct debits including car, insurance, phone, bills ect leave me around 1300-1500 a month. I have been paying extra against my car lately to pay it off quicker and rest goes on food, petrol, going out ect but doesn't seem to last.

No don't necisarlilly want to move up aberdeen just somewhere cheaper I looked to rent my house unfurnished with none of my stuff in I got it values to rent and it would just cover my mortgage. I pricec up a 1 bedroom flat to rent which was going to save me at least 350 a month straight away and get my mortgage paid at same time.

I was considering selling and buying something smaller and cheaper

I would never buy somewhere in Aberdeen. I wasn't sure about lodgers at first as I didn't know much about it until I come on here. I do need to learn to manage money better but recently I've managed to save a bit money each month which is an improvment

AnotherJoe

I think you've done exceptionally well at such a young age to be able to buy a house. It woudl seem a shame to dump that now.
Try a lodger or two, and start with Mon-Fri lodgers, would seem a good way to help defer expenses, ensure the house isn't empty for long periods and give you some breathing space to decide what to do longer term, rather than packing it in almost as soon as you started.

getmore4less

Forget the house as a home(you don't live there) for now, think of it as an investment, move your important stuff out and get lodgers in to pay for the place.

make your offshore expenses cover your travel costs to manage the place.
(you still need to treat this as your main residence for tax).

The issue you have as a 40% taxpayer is minimizing the tax.

Atechnician

Thanks guys. I forgot about the high mortgage interest ones son before I made this post aswel. I will stick it out and treat it as an investment like you have said, I want to get a lower interest rate if the early leaving penalty is less than what I would save which should get my monthly payments Down a lot, then look to get a lodger in.

I was messing with one of them early payment mortgage calculators and was shocked at how much the years are reduced from overpayments, I remembered my car will be payed for start of February which will save me 370 a month would it be worth using that as overpayments or wait till I'm on a lower interest rate?

Atechnician

High mortgage interest I am on**** dam autocorrect

mark55man

try targeted advertising to reduce the risk to your property - eg
* your local (newcastle) schools. Newly qualified teachers are often looking for somewhere cheap and are typically reliable
* try offering your property to large employers (Nissan?)
* hospitals - although may be difficult when you are there with antisocial hours

Plus some people dont like lodging becasue the owner is always in their stuff - a mostly absent lodgee(?) could be very attractive