Remortgage or Sell Up!

Addiscomber

Will the OP be able to run a business from a rental property? I thought I read somewhere that most do not allow it.

sarkin

I am a mortgage broker and work from home, property is rented and never had a problem.

bintie22

Hi guys, thanks for all your opinions and help! I think i may have possibly (sneakily) thought of a way round the situation (i'm an ex mortgage advisor), and I have racked the recesses of my mummified brains. I'll keep you posted, but - if we have to sell - so be it!

Thanks again xx

jamesd

bintie22, the difference is "only" 260 a month so there's a fair chance that you can fund several months of payment on credit to cover bad months in your business. Longer term the business should let you handle the payments or remortgage. Your mortgage might also have an option for repayment holidays and just one month of repayment holiday will save you a few months of the difference (though you'll have to pay interest on the money, so it's not free).

We're currently in about the worst possible time for you to be remortgaging so a fair part of your problem is just holding on for a year or perhaps two until mortgage market conditions improve.

Costs of selling and buying make that option unattractive. It'll cost you far more than some unsecured borrowing.

poppy10_2

SELL, you are only renting from the bank currently anyway. You can live in a much nicer place by renting, and can get back on the ladder in a couple of yearswhen prices have dropped significantly.

bintie22

Really appreciate all your feedback.

OH and I have had good chat tonight and know we can rent some stunning places for less than our mortgage will be so think we've made our minds up.

We're really quite excited about moving (providing we can sell in current climate)!

I can honestly say that all your feedback has made it a lot easier. thank you.

If there was a virtual pub here i'd buy you all a drink xx

sarkin

If you want you can send money

motch

Could you rent out a room to someone? perhaps someone you know who's looking for a room. That's if you have a spare bedroom.