Rent out current house, buy new house

user1977

GTXLR said:

theartfullodger said:

What makes you think you will make money renting it out?? And do you have the financial AND emotional reserves to cope with the tenant (or agent- ) from hell who doesn't pay you rent for say 7 months whilst you pay mortgage & legal fees to attempt (but may not succeed) in evicting them.  Most years I make money from BTL but not always..

If renting out a property does not make money then why would anyone do it? Is there not a landlords insure you can get to protect you from this situation?

Given the high likelihood of such a scenario happening, no, there's no useful insurance product which will protect you against it (other than perhaps some limited cover for legal expenses). It's like starting up any other small business - the expectation is that you bear the brunt of any losses.

GTXLR

Thanks to everyone for your feedback. 

Considering how no one thinks this could even possibly be a good idea, I'm going to take the hint and discount this as a possible route going forward.

Looks like there's no real option to navigate the loss on the property, but it's a good(and costly) life lesson in the housing market.

Really appreciate your views and opinions and the time to help me out.

Thanks