B2L home that we are currently living in

mushy220

Hi,
I have posted on here before about buying my partner out of the property we live in.I am totally confused as to what to do next. We have recently split and are still living in the property we bought in 2006.Neither of us wants to lose out and we were both thinking of buying each other out see who gets the mortgage(if anyone).
The other plan that we have been thinking about, so that we both get something at the end of it, is to let out the property.(Providing the property market improves and we can make a good enough profit on it when we come to sell it).
It is fixed until 2011.We have a mortgage for £99,091, a secured loan for £6,363,and an unsecured loan for £5,231.The property was bought for £104,500.
Our rate is 5.99% and the mortgage is a repayment one.
How would we go about letting the property out.Would we have to tell the mortgage company(N.Rock)?
Could we change it to an interest only repayment until 2011 and what would happen to the loans?
Our mortgage repayment with the secured loan is £610 pm.The other unsecured loan payment is £29.00 pm.
Houses around here similar to ours let for £500-£550 pm.
Another question if I was to ask for a valuation now are they free?
Any advise would be much appreciated,my head is turning to mush!!!!:eek:

beecher

Renting it out won't cover the mortgage payment, so I don't think that's an option. Maybe you need to stop thinking about getting something at the end of it, and just getting out of the situation instead? Dragging things on for another 3 years might not be worth it, from an emotional point of view if nothing else.

Firstly I think you need to find out what the ERC is for the mortgage, as it may be quite a lot. Then, get it valued, and find out whether selling would clear the debts and allow you to move on.

Good luck