Interest only mortgages

Voyager2002

What you could do... explore the Shelter website and find out about what those landlords are legally required to do, then make friends with your tenant neighbours and encourage them to insist on their rights. No-one should be forced to live in a damp and mouldy house, and the solution to that problem would be part of the solution to the issues that you face.

going_nowhere_fast

We are friends, they are the nicest kindest neighbours I have ever had.

They will not report the landlord though. I tried encouraging them to do that long before it started affecting me even got them the name of a local organisation that helps tenants get repairs done by reluctant landlords but they won't and they gave up complaining directly to the landlord because he doesn't do anything other than pay them lip service 'he'll sort it'.

I have contacted the council tonight and emailed photos  showing the damage so I'll wait to hear back from them. Hopefully they will step in and it will benefit both me and the tenants. 

I am a bit scared how the landlord will react. He isn't the nicest man but I can't not do anything. I have a mini swimming pool in the corner of my loft that will not go away unless he gets his house sorted.

ACG

Interest only mortgages will probably mean you end up with less. High street lenders need you to be high income earners (£75k) and have a good amount of equity. 

The building societies are a little more relaxed on that front but the rates are higher and the affordability is probably meaner. 

£30k shortfall... How many affordability calculators have you tried? I have seen differences between one lender and another of over £100k. Admittedly they were at the extreme, but £30k might be possible. There are things you can do, extend the term, choosing certain products or lenders etc, you might be able to bridge that gap. It might be worth speaking to a broker. 

On a side note, is it shelter or the council who can speak to the landlords and get enforcement action on the landlords. 

going_nowhere_fast

Thank you. I didn't think about diff ways of bridging the gap. I'll explore that. I'm in a house I can afford really but the mental stress of having a negligent landlord next door is what makes me think it's worth having little to no luxuries but getting away from him.

I reached out to the council yesterday so am hoping they will get in touch saying they can help. 

Thank you for your reply.

ian1246

Can you over pay your existing mortgage & start building up additional equity in it and/or savings (depending on the interest rate on that mortgage - if savings are higher, save. If mortgage is higher, overpay).

The £30,000 gap between a semi and terrace sounds like it's not insurmountable!!!

Overpayments and savings compound.

Have a play around with an overpayment calculator to see what impact whatever extra you can afford to pay, has on the equity built up in your property.

Good luck!!

Archerychick

I’m sorry that you’re experiencing these issues. An IO is much harder to get so I’m not sure that’s going to be possible.

Any issues relating to litter / refuse should be reported to your council. They will have wardens that will work to resolve the problem. The key thing being required is for you to keep reporting it so they can investigate.