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Can't rent my flat - help needed!

2

Comments

  • BobProperty
    BobProperty Posts: 3,245 Forumite
    1,000 Posts Combo Breaker
    haircut100 wrote: »
    I think most of the Indian guys are sponsored graduates who already have jobs with BT back home and BT sorts all the visa out etc. so they are a safe bet.
    Or they work for an Indian software house who does work for BT. :confused:
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  • I'm a renter in Ipswich and I'd say thats quite expensive. I'm in a two bed flat for £485, modern etc.
  • haircut100_2
    haircut100_2 Posts: 12 Forumite
    I'm a renter in Ipswich and I'd say thats quite expensive. I'm in a two bed flat for £485, modern etc.

    As i thought, Ipswich isn't quite Southwold is it?! Thanks to your post, I have taken action and emailed the agent to request a reduction to £425. I'm sure this will do the trick.

    Fingers crossed~!
  • Good luck!
  • SingleSue
    SingleSue Posts: 11,718 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Does seem rather overpriced for Ippo, I am just down the road from there (Trimley) where rents are slightly higher and that would be expensive for here!

    Good on you for listening to the advice though and dropping the price.

    As a comparable, my brother rents a flat in Felixstowe with sea views, victorian house, very large front room, separate large bedroom (space for a double bed, plus a double put u up bed on the floor and umpteem wardrobes and cupboards), large kitchen and large bathroom ...well in fact, everything is big, for £375 per month.
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  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    Part of the Furniture Combo Breaker
    Or they work for an Indian software house who does work for BT. :confused:
    More likely BT Mahindra - they offer fixed-term contracts and pay less than average UK IT (contractor) fees. Key question is how many could live there? At the northern BT sites, the indians were looking around £100-125 pm each tops (dunno whether Martlesham pays any better).
  • SquatNow
    SquatNow Posts: 2,285 Forumite
    I hope the OP likes his flat, since with rent only being £5 over the CURRENT mortgage costs, £5 isn't much to cover insurance, repairs, voids, interest rate rises etc.

    Yes I know I said he should drop the rent, but the point is, renting a flat like that out isn't viable unless you bought it 10 years ago and the mortgage is a pittance.

    The maths on BTL often looks good until you have to compete for tennants with existing, longstanding landlords who bought decades ago and have either no mortgage or a small mortgage.

    You see, this is why BTL muppets who say "I don't care if the mortgage goes up I'll just raise the rent" are in for a massive shock when they raise the rents and the tennants leave.

    (exception made here: Yes I know the property in this thread wasn't bought as a BTL in this case. Have you swapped to a BTL mortgage BTW? You'll need to or you'll be in doodoo....)
    Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.
  • dopester
    dopester Posts: 4,890 Forumite
    Prospective tenants must think your rent is a practical joke.

    Dontcha know that rents rise as property values fall? Trying sticking the rent up at £1,000 pm and all sorted I'm sure.
  • bordercars
    bordercars Posts: 1,353 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    get intouch with the council. whilst its MT you pay no CTax for 6 months per annum.
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  • bordercars
    bordercars Posts: 1,353 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    another thought, if you change your mort why not go for an interest only till you build up some funds.
    get proper advice tho
    Div 1 Play Off Winners 2007
    CCC Play Off Winners 2010
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