I am going to sell my house and rent it back.

seven-day-weekend

Hi Mr Spangle Pants

I can only agree with everyone else that this is no way to go, you will be out of your beloved home inside a year.

I understand you not wanting to sell it outright, we have felt like that about our UK home (although we don't live in it any more!), but then if you go in the direction you are proposing you will lose the house anyway.

We have been through times when through being in full-time education, or losing the main income through illness, we have not had enough money to pay the mortgage. We have taken in a lodger. You can charge up to £85 per week without having to pay any tax on it. At one time my husband ran a part-time picture framing business for ten years, first of all on its own, then along with his main job when he went back to work after illness. If you have a workshop you must be a handy sort of person, could not your skills be put to good use in self-employment? (Just realised you are already self-employed - doh!) As well as the picture framing business my husband sold hand-made driftwood mirrors on e-bay, could e-bay be an option for you?

Maybe this coupled with a re-mortgage at lower rates (or even interest only for a while) may go some way towards allowing you to keep your home.

Please do not do this, rent from the bank on an interest-only mortgage if necessary, but do not let these people have your home.

I wish you well.

rayday2

I reclaimed PPI with First Plus and got over £4600 back with one letter.

When you speak to your mortgage company speak to your secured loan one too and ask them to pay interest only for a while, this will give you time to either get over your injury, partner to get a job, or change your business.

There are options you say repeadly you love your house want to stay there the only way that is going to happen is to come to an arrangement with mortgage and loan people. Does your partner work? If not why not you say it will break there heart so they could work part time to keep it while you recover.

In private rentals I repeat any shorthold tenancy agreement can be broken on both sides, it is a popular myth that it can't be broken for 6 months but if you read them all the way through you will see the loopholes we were amazed when we went on an industry course and saw they really mean nothing and protect landlords not tennants!!!

Also people rent successfully off landlords from estate agents because people buy investment properties for long term rental income like a pension. The companies you are looking into are after an investment, they buy properties cheaper than market price and flog them within the year, thats there idea of investment!

As for testamonials on websites, c'mon you don't rate first plus but go on there website they are full of smiling faces with how wonderful they are - its sales patter! Wake up stop falling for the pot of gold at the end of the rainbow you are going to have to negotiate and work your way into keeping this house with the wife! You seem to be harbouring this yourself you are a team work together!

pink.1970

I know its not quite the same situation, but my MIL was going to use one of these companies, she has been trying to sell her house for about 3 years!!

FIL died earlier this year so she is now rattling round a 4 bed house.

Anyway she asked one of these companies and after paying fees to them they quoted her £160,000. for a house with an estate agents value of £250,000.

I think you can imagine what she told them to do...but in the process she has now lost £400 in fees.

I would say however desperate you are DO NOT use type of companies.

chevalier

ref calling CCCS or Payplan either is fine. They both have got brilliant reputations and really CAN give you FREE IMPARTIAL ADVICE. Isn't that what you desparately want right now? Pls give them a call TODAY what have you got to lose? Can phoning them make the situation worse? No. Can they maybe suggest a way of keeping your house? YES.

chev

Mr_Spangle_Pants

Both ENGAGED !!! Will keep trying.

In_Search_Of_Me

Do! (unless its one of the sharks...in which case dont!). You dont say whether you have spoken to your wife about this? How does she feel about it? Keep plugging - you'll get there!

Mr_Spangle_Pants

I can't wait, I am popping out to the CAB now, should take 3 hours or so, please keep posting, will read it when I get back.

CharliesAngel

HI Mr_Spangle_Pants

Just to say what a load of fantastic advice you've been given so far! I've just entered a DMP with Payplan and they've been nothing but helpful and sympathetic. Their lines are open until 8 p.m, I get through straight away if I call through Coronation Street lol....

Good luck with the debt free path you choose... and we'll all be here (some of us longer than others lol).

CA x

Mr_Spangle_Pants

My statement:

Mortgage 950
secured 225
all utilities 180
Food 210
Ctax 119
Phone 10
insurance 12
TV 10

Money in 1450

if I sell up my rent will be approx 750

Should make me 200+ per month better off instead of 200+ behind

Mr_Spangle_Pants

Just fed up being skint all the time.